BTC is currently hovering within a very important zone. Zone is defined by confluence of Genesis and Covid fibs. These high timeframe fibs have caught all major turns.
The zone of relevance is $ 42,200 to 42,789 (on coinbase). This may be a turning point into retrace before continuation. Bulls' best strategy will be to hold this zone thru the weekend.
Strong break should jump to 45K then 52k very quickly. Rejection here could send us to new lows around 32k. So it is the most important zone for this halving cycle.
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These two fib sequences are posted individually as well:
The full Genesis Sequence:
The Covid Stimulus series:
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( (( PING )) ) "Ping"= exact ricochet that you can almost HEAR
And as I like to say: "Not all Pings start a Reversal, but most Reversals start with a Ping"
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Break and Retest so far, as seen on the hourly
Adding a local fib of the bounce: 4.236 is the most common wave ender, followed by the 4.854.
So it is likely that this particular wave is done, so now we look for possible retrace targets:
So there we have it, the local roadmap to prepare at each zone of interest.
Awesome!! I'm here to learn so I appreciate the thorough analysis! Just one quick clarification, I'm currently long BTC/USD (CB), and was already planning to exit the trade at/around 42,800 level (filled on the 23rd for $38,875). My question is what indicator would suggest a "strong break" to the upside? Thanks! -Mike
EuroMotif
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@mmancuso5691, Hi, nice entry! By "strong break" I mean blasting thru the zone, and getting past the next major fib (at 45k) without retesting the 42.8k zone.