BTC Analysis of the future based on Fibonacci
I was playing around with drawing the 6 month chart for BTC, and it struck me, when i plotted the fibonacci of the 2 candles for 2020 trading, that the price currently made a (temporary) bottom at exactly the 1.618 level. After I turned back on my normal candles I spotted that every if not all significant turning points both bullish and bearish have had something to do with these Fibonacci levels.
It appears to me bulls are defending these levels and then distributing their profits to the unsuspecting citizens. I believe that is what is happening now too, so I expect this 1.618 level to be broken and we target the next level, which will be the 1.000 - around 12k - you can see the levels on the chart.
Any of those can be the bottoms, and bulls will probably rightfully play them, but I think we could easily go to the last stand, around 7k, where I would say is going to be "all in" time, if that fails, can say bye bye Bitcoin and welcome 0.
Happy trading, might have good opportunities here if we can stay in tune with the markets. GL
It appears to me bulls are defending these levels and then distributing their profits to the unsuspecting citizens. I believe that is what is happening now too, so I expect this 1.618 level to be broken and we target the next level, which will be the 1.000 - around 12k - you can see the levels on the chart.
Any of those can be the bottoms, and bulls will probably rightfully play them, but I think we could easily go to the last stand, around 7k, where I would say is going to be "all in" time, if that fails, can say bye bye Bitcoin and welcome 0.
Happy trading, might have good opportunities here if we can stay in tune with the markets. GL