Hello everyone -
This is my first Tradingview publish and I want to share with you my thoughts since we have recently broken the .618 retracement from our June 28th highs.
(My publish is a 2 day chart with the 700 day MA as the 200 Week MA for a larger context)
As we currently continue battle with it the .618 area my I wanted to share my ideas of why I'm looking for a bounce off of the 200 weekly MA in mid February.
Time is more important than price and so you will see some fib circles I've drawn to help illustrate this the importance of time.
We are still in a bear market and this February will mark us in over 2 years here of setting lower highs and lower lows from our December 2017 top. It's my best guess that it's likely the current .618 from our June highs will not hold and we will look lower.
That said here is what I see when we look back and use current trends:
1)The 200 week MA served as our solid floor back in December 2018 and January 2019 giving us our bottom.
2) Roughly middle February should put our 200 weekly MA at 5300-5500
3) 5400 also coincides with the .786 retracment from our June 26th highs.
4) It also marks the bottom of price current June 26th price channel.
5) In addition, If we look back and draw a pitchfork from our 2013 highs to the 2015 lows and back to our December 2017 all time highs.
--- We can see the .5 of the Schiff pitchfork acting as both strong resistance and support looking back since 2013 and this will be in place for support now too.
6) Note it will be roughly 790 days from All time highs December 2017 - This is well over 2 years and Time IS > than Price.
7) We also have the bottom of .786 ring support in my 8 year fib circle and I've circle clear points of support and resistance with it.
8) When we break 6400 there will be panic and the herd will be looking to retest the 3100 lows again. This is predictable, so I would suspect a big move up from our 200 weekly moving average with all of these other confluences.
^^^ these supports are the 80/20 rule
With all of these strong areas of support listed here and time on our side look to the 80/20 rule to to apply here. It's very unlikely we just cut through all of the long established supports listed and head lower no matter who is posting items on Tradingview. They are being idealist and that's a herd mentality, look to step to the other side of the ship when they are in a panic at 6400 and buy the dip at these supports.
We buy on support and short on resistance, so this is why I'll be looking to go long here the middle of February if we approach the 5400-5700 dollar range with all of the given supports here and time on our side.
GL, Relax and buy the dip!
Agorist_007
This is my first Tradingview publish and I want to share with you my thoughts since we have recently broken the .618 retracement from our June 28th highs.
(My publish is a 2 day chart with the 700 day MA as the 200 Week MA for a larger context)
As we currently continue battle with it the .618 area my I wanted to share my ideas of why I'm looking for a bounce off of the 200 weekly MA in mid February.
Time is more important than price and so you will see some fib circles I've drawn to help illustrate this the importance of time.
We are still in a bear market and this February will mark us in over 2 years here of setting lower highs and lower lows from our December 2017 top. It's my best guess that it's likely the current .618 from our June highs will not hold and we will look lower.
That said here is what I see when we look back and use current trends:
1)The 200 week MA served as our solid floor back in December 2018 and January 2019 giving us our bottom.
2) Roughly middle February should put our 200 weekly MA at 5300-5500
3) 5400 also coincides with the .786 retracment from our June 26th highs.
4) It also marks the bottom of price current June 26th price channel.
5) In addition, If we look back and draw a pitchfork from our 2013 highs to the 2015 lows and back to our December 2017 all time highs.
--- We can see the .5 of the Schiff pitchfork acting as both strong resistance and support looking back since 2013 and this will be in place for support now too.
6) Note it will be roughly 790 days from All time highs December 2017 - This is well over 2 years and Time IS > than Price.
7) We also have the bottom of .786 ring support in my 8 year fib circle and I've circle clear points of support and resistance with it.
8) When we break 6400 there will be panic and the herd will be looking to retest the 3100 lows again. This is predictable, so I would suspect a big move up from our 200 weekly moving average with all of these other confluences.
^^^ these supports are the 80/20 rule
With all of these strong areas of support listed here and time on our side look to the 80/20 rule to to apply here. It's very unlikely we just cut through all of the long established supports listed and head lower no matter who is posting items on Tradingview. They are being idealist and that's a herd mentality, look to step to the other side of the ship when they are in a panic at 6400 and buy the dip at these supports.
We buy on support and short on resistance, so this is why I'll be looking to go long here the middle of February if we approach the 5400-5700 dollar range with all of the given supports here and time on our side.
GL, Relax and buy the dip!
Agorist_007