EuroMotif

BTC.usd Longs still flying: does "Resistance" even exist here?

BITFINEX:BTCUSDLONGS   BTCUSD Longs
Longs on BitFinex continue the vertical climb with another jump.
They burst through expected resistance bands with no effect.
Coming are two zones of interest, which normally cause reactions.

I know what you are thinking: "Draw enough lines and some will do some things".
And I would agree. This plot is an experiment to see what "truths" apply here.
Maybe none of the lines will show any effect. Maybe some react "as theorized".

To be honest I have no idea if my methods will apply here.
Is this an asset? a measure of interest in asset? just on paper?
But will be interesting to watch if it is a bubble about to burst.

There do appear to be TWO impulses, thus the two fibs.
This also fits the description of a 12345 Elliot Wave .
Thus we have two fibs for the two upward thrusts.
Comment: Does "Resistance" even exist here?

This chart might finally be noticing such a thing
Zoom IN (5min) the zone's boundary fibs might actually be exerting themselves In reality just a tiny wiggle in the vertical line of this chart.
But all moves/turns start somewhere in some fashion.
Good to see Fibs can be used to try and spot changes early on ... maybe ...

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Comment: Finally, a meaningful pullback.

Longs dropped a couple of zones but notice the perfect adhesion to the fibs.

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Zoom IN a bit (1h) to see the perfect "waterfall" from one ledge to the next
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Zoom IN more (34 min) and adding fibs to the drop: Interestingly, we had a "Linear" expansion from first impulse, and then a "Golden" expansion from the second impulse.

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Looking at the 2 fibs above, with EW wave possibility The confluence of Purple 11.618 with red 11.089 looks like a good target.

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in SUMMARY:
- I am a bit surprised at how precisely even this chart follows fibs (not a price but number of contracts long).
- Finally starting a pullback, and looks like we have had waves 1, 2, and 3 (with accelerated parabolic 3).
- There should be a support bed around 42.9k contracts at the fib confluence. Lets see how it plays out.

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Comment: Walk down the Stairs continues

Longs have continued to drop, exactly by the Fib Ratios It is heavily influenced by the original Green fib it seems.
It is approaching another fib now, lets see what the reaction will be.

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Comments

This is a funny one. Lol
Reply
What do the Longs know that we don't?
Are they accumulating BTC because we have already hit bottom? Or are they accumulating in order to dump and force the price down?
Reply
Nope, doesn't seem like it has any relevance. I only follow two people on here, you and another. The other person used to watch this also, until he found that it doesn't have any relevance. So, he gave it the boot! :)
Reply
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