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- Bitcoin Loves respecting the Fibonacci retracement tool. This chart compares the hidden upwards trending Fibonacci Channel and the middle term Bear Market channel we have been stuck in since June. This is an experimental chart possibly breaking into the realm of Trend based Fibonacci Market timing.
- At the time of posting the price has almost retraced to the 61.8 regular fib retracement level after the 42% pump from $7350. This retracement coincides with a 1.618 uptrend channel line touch, ranging down from a 1.382 downtrend resistance. The chart beautifully shows how the paired Fibonacci levels of: 38.2 & 61.8, 23.6 & 78.6, and levels divisible by 0.5... mirror and affect the price together.
- Price in the consolidation phase of a market move tends to range on the hidden .5 divisible levels before a final pump or dump to the 31.8, 61.8, 78.6, or 0.5 divisible levels. When the price then moves to one of these levels it triggers a weekly/monthly price reversal which can be capitalized upon. After a reversal touch, Price should shoot back through levels ending in .5 and profits should begin to be taken at the mirrored level on the opposite sloping fib channel. This sort of middle-market flirtation with .5 levels occurs twice on this chart already: during the months of Aug - Sep 19' (Short), and Oct 19'(Long).
- In the short term, I find it likely for Bitcoin to drop the 0.382 level through 0.5 and be supported by the 0.618 level. A price divergence down to the 61.8 bear channel support level of $8,400 - $7,800 likely could give Bitcoin the upside momentum to break the 0 Level resistance. A break of the 0 Level resistance would cause the price to search for a target to the $14,000 2019 bear market wedge. Unless Bitcoin ranges below $9,500 for the next few months, A pre-halving price target of anywhere between $11,200 and $17,200 is probable. Hard Stance: Bitcoin below $7,800 is unlikely, In the event $7,800 is dropped look to $7,400 & $6,800 for support.
- Good Entry Points based on recent price accordance to Fibonacci:
Long: 61.8, 78.6, & 0.5 Divisible level downside touch
Short: 23.6, 38.2, & 0.5 divisible level upside touch
Ex Pos.
Entry Long: 0.618 Uptrend touch --- Begin profit-taking -1.382 Downtrend Touch (Hold for potential max profit at -2)
Following this Chart and will benefit the prepared & savvy Bitcoiner who understands that everything must respect the fundamental sequencing of nature.
- Bitcoin Loves respecting the Fibonacci retracement tool. This chart compares the hidden upwards trending Fibonacci Channel and the middle term Bear Market channel we have been stuck in since June. This is an experimental chart possibly breaking into the realm of Trend based Fibonacci Market timing.
- At the time of posting the price has almost retraced to the 61.8 regular fib retracement level after the 42% pump from $7350. This retracement coincides with a 1.618 uptrend channel line touch, ranging down from a 1.382 downtrend resistance. The chart beautifully shows how the paired Fibonacci levels of: 38.2 & 61.8, 23.6 & 78.6, and levels divisible by 0.5... mirror and affect the price together.
- Price in the consolidation phase of a market move tends to range on the hidden .5 divisible levels before a final pump or dump to the 31.8, 61.8, 78.6, or 0.5 divisible levels. When the price then moves to one of these levels it triggers a weekly/monthly price reversal which can be capitalized upon. After a reversal touch, Price should shoot back through levels ending in .5 and profits should begin to be taken at the mirrored level on the opposite sloping fib channel. This sort of middle-market flirtation with .5 levels occurs twice on this chart already: during the months of Aug - Sep 19' (Short), and Oct 19'(Long).
- In the short term, I find it likely for Bitcoin to drop the 0.382 level through 0.5 and be supported by the 0.618 level. A price divergence down to the 61.8 bear channel support level of $8,400 - $7,800 likely could give Bitcoin the upside momentum to break the 0 Level resistance. A break of the 0 Level resistance would cause the price to search for a target to the $14,000 2019 bear market wedge. Unless Bitcoin ranges below $9,500 for the next few months, A pre-halving price target of anywhere between $11,200 and $17,200 is probable. Hard Stance: Bitcoin below $7,800 is unlikely, In the event $7,800 is dropped look to $7,400 & $6,800 for support.
- Good Entry Points based on recent price accordance to Fibonacci:
Long: 61.8, 78.6, & 0.5 Divisible level downside touch
Short: 23.6, 38.2, & 0.5 divisible level upside touch
Ex Pos.
Entry Long: 0.618 Uptrend touch --- Begin profit-taking -1.382 Downtrend Touch (Hold for potential max profit at -2)
Following this Chart and will benefit the prepared & savvy Bitcoiner who understands that everything must respect the fundamental sequencing of nature.