Is this another trap? Statistics say yes it is. But wait........
As you can see there is a Fib Retrace for every high to low since last Dec 2017. After the low the market rallies back and gets rejected at the .618 retrace level every time without fail. You may have seen videos on this already showing us this pattern that has been repeating all year.
Now the ? is, will it continue?
Only time will tell. There are several ways it could go shown by the arrows. First green arrow already completed since I made my video analysis 12 hours ago. Will it reject at $6900? This is the .681 level that has rejected rallies everytime this year. If it breaks through we could be on the usual bull run for the last 1/4 which has happened every year except 2014(Mt Gox Hack). If it rejects we could see same similarities to recent events during the year and a breakdown could occur to $5800.
I predict it will break through as I have seen the indicators showing us this such as:
Google un-banning crypto ads.
Every last 1/4 is a bull run.
BTC seemed to be in an accumulation phase when you look at the overview. This year has been referred to the same as 2014, if you look at them, they are nothing alike with this year forming a bottom around 6k.
Shorts will start to be liquidated as BTC increases in price and shorts taken at the .681 retrace may get gobbled up if it bounces back up after it rejects at this level producing the run required to get through the triangle formed in blue and above the .681 repetition.
Obviously I am not all 1 way and will monitor to see if it does reject fully and return to the bottoms formed throughout the year as shown in red arrows.
What is your thoughts?
Good luck trading everyone!
HTBB
Now the ? is, will it continue?
Only time will tell. There are several ways it could go shown by the arrows. First green arrow already completed since I made my video analysis 12 hours ago. Will it reject at $6900? This is the .681 level that has rejected rallies everytime this year. If it breaks through we could be on the usual bull run for the last 1/4 which has happened every year except 2014(Mt Gox Hack). If it rejects we could see same similarities to recent events during the year and a breakdown could occur to $5800.
I predict it will break through as I have seen the indicators showing us this such as:
Google un-banning crypto ads.
Every last 1/4 is a bull run.
BTC seemed to be in an accumulation phase when you look at the overview. This year has been referred to the same as 2014, if you look at them, they are nothing alike with this year forming a bottom around 6k.
Shorts will start to be liquidated as BTC increases in price and shorts taken at the .681 retrace may get gobbled up if it bounces back up after it rejects at this level producing the run required to get through the triangle formed in blue and above the .681 repetition.
Obviously I am not all 1 way and will monitor to see if it does reject fully and return to the bottoms formed throughout the year as shown in red arrows.
What is your thoughts?
Good luck trading everyone!
HTBB