New Fib Set Shows Current Price Pathway - Short Term Outlook
I have constructed a new micro fib circle set from the range of August 6th 2019 to August 28th 2019 shown in purple on my chart. This set appears to have a good prediction capability, because there are several pivot points that fall on these boundaries. At the current time, the price line is crawling up the purple 1.618 line with relative accuracy. The stochastic is relatively high right now, and it could stay that way for the time being, allowing BTC to crawl right up that line towards the top of the parallel trading channel. I don't see it going that far up the line, however. It looks to me that there is a strong possibility of BTC bailing off of that line and continuing the same bearish pattern that has been in action for several weeks.
A key point that has my attention is where the 50-day EMA crosses the purple 1.618 fib circle line. We have been well below the 200-day EMA ever since the big fat red candle that took us straight down on August the 28th, and the current momentum does not seem to tell us that we have any chance of going back up to meet that average. If we do continue crawling up the 1.618 purple fib circle line, my attention will be on what happens at the top of the parallel trading channel. Breaking above that line and holding will be very important for a trend reversal. But again, the momentum is clearly bearish.
If we do pivot off of the 1.618 purple fib line, the 2.618 could pull BTC down to the $8600 level, which seems to agree with several others who have selected this same target. This should give us enough entertainment for the next week as we have our eyeballs plastered on the screen while this plays out.
We'll keep a close watch! These are merely my opinions based on the magical fib circle lines. Not financial advice, entertainment purposes only.
Carlton Flowers
The CryptoPro
PS: Video coming in a couple of days to go over the fine details!
A key point that has my attention is where the 50-day EMA crosses the purple 1.618 fib circle line. We have been well below the 200-day EMA ever since the big fat red candle that took us straight down on August the 28th, and the current momentum does not seem to tell us that we have any chance of going back up to meet that average. If we do continue crawling up the 1.618 purple fib circle line, my attention will be on what happens at the top of the parallel trading channel. Breaking above that line and holding will be very important for a trend reversal. But again, the momentum is clearly bearish.
If we do pivot off of the 1.618 purple fib line, the 2.618 could pull BTC down to the $8600 level, which seems to agree with several others who have selected this same target. This should give us enough entertainment for the next week as we have our eyeballs plastered on the screen while this plays out.
We'll keep a close watch! These are merely my opinions based on the magical fib circle lines. Not financial advice, entertainment purposes only.
Carlton Flowers
The CryptoPro
PS: Video coming in a couple of days to go over the fine details!