This TA is zooming into a section of my previous TA "Bitcoin Roadmap" which I will include below.
Looking at yesterday's price action we can see that price reacted off the 0.382 fib fan pretty aggressively , even though we had a good bounce I still think there is more downside.
The 0.5 Fib will act as major resistance and has been since June 19 , yes we did break it June 13 but I wouldn't count that as an organic movement since it was clearly a set up for massive short positions on the market.
If we fail to break 35000 and get rejected of the 0.5 fan fib then there is high probability that we come down to 0.5 fib retracement and this is where you load up long term for bitcoin , this golden box is where I believe the market will bottom for this bullrun. I have also included a potential micro date for a shift in momentum using Fib Time zone and that date is July 17.
I have been getting a lot of messages asking about leveraged positions if price comes down to this area and I would say not yet, best to just accumulate in this area , when looking at long term leveraged positions you have to calculate funding rate vs price increase overtime ,is it worth paying those funding rate fees when momentum is so low not really.
If bitcoin does break the 0.5 Fan fib to the upside before reaching the golden box this analysis is invalidated , this could take 20-30 days to play out.
why you use log scale retracement? in linear retracement 0.618 Fib is 29k but in yours is 21k
Sporia
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@newbienxx, well you can use both, if you select the fib retracement tool and go to settings at the bottom tick the box "fibs levels based on log scale" it should switch automatically when going to log scale but sometimes it doesn't
newbienxx
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@Sporia Thanks, which one is better log scale fib or libear fib?
Sporia
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@newbienxx, there is no "better" one , each one gives you different results so log scale on Fib Fans I find I get a lot of reaction points but on a small timeframe lets say 1-4hour I use linear scale , I think log gives you more interesting results on higher timeframes like daily upwards.