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TradingShot
Apr 22, 2020 4:10 PM

BITCOIN Recurring pattern on the short-term Fibonacci Channel 

Bitcoin / DollarBitfinex

Description

This is a chart for short-term traders and will also keep the analysis short.

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

As seen on the chart Bitcoin is trading within a perfect Channel Up with the Fibonacci levels aligning quite well playing the role of Support and Resistance levels throughout. This is an excellent way to play the short-term buy/ sell game.

On top of that see how there is a recurring pattern within the Channel. I have clearly displayed that in alphabetic manner. The set-ups seem fairly symmetrical, the first is wider within the 0 and 1 Fibonacci the second narrower within the 0.236 and 0.786 Fibonacci.

If you are a short term trader, use this to your advantage.
Comments
Fideon
What if I want to buy long-term?
TradingShot
@Fideon, You may try this:

Fideon
@TradingShot, Thanks for your reply Shot. I think I'll start longing once it hits 6900...
seba26-77
@Fideon, of this ;)
Fideon
@seba26-77, Thanks for this. I see your analysis on Feb 10 was ON POINT. I'll long once I see a slight pullback. I'm following you now.
seba26-77
@Fideon, Thank you for your trust, one reminder, watch out for $ 8240
Hodl4dearlife
Interesting, i am also seeing a similar pattern to a recent scenario but in a shorter time frame. Take a look at my analysis and let me know your thoughts. Would really appreciate it.

TradingShot
@Hodl4dearlife, Very good work! Thanks for sharing it!
Sisif_trader
interesting way of drawing the channel. I saw it in a different way, but now I think you may have a point :)

TradingShot
@Sisif_trader, Indeed! Thanks for sharing!
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