Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
Taking a similar approach to my just-published 30 min chart, the 4 hr chart is also showing a possible bar-split midpoint: 2 bearish candles showing a stronger down move than any other nearby price action (highlighted). Again, from the recent swing high of 4149 and the midpoint of 3750 projects a bottoming of this cycle at the 3352 level and below. This level is close to the 3408 level of my 30 min chart so both put together give a confluence of support that increase the odds of a significant bounce in this zone.
As a follow up to this projection and the previous one which obviously both failed:
Add the 23% fib level to the one I presented here and note how price bounced HUGE off that level instead of dropping to my anticipated 0% level. Usually when this happens it's a sign that a much larger buy wave is moving in, large enough to prevent the previous sell wave from reaching it's target.
Add the 23% fib level to the one I presented here and note how price bounced HUGE off that level instead of dropping to my anticipated 0% level. Usually when this happens it's a sign that a much larger buy wave is moving in, large enough to prevent the previous sell wave from reaching it's target.