Hello friends and foes and welcome to another of addition "Nobody knows its a casino and we are all just guessing"....:)
As you can see on the chart between .2/20/2018 and 03/05/2018 Bitcoin made a top at 11.7k retraced down to the .382 fibonacci level and then rallied a second time to try and take out overhead resistance. Obviously bitcoin then failed a second time and began a much needed retrace to try and regroup. The correction eneded up stopping at the .786 fibonacci level which, from what I hear, is a pretty common retracement area. After a period of accumulation bitcoin then began to climb again this time on 04/10/2018 and evnentulaly finding significant overhead resistance around 9700-9800. After meeting initial resistance at 9762 the bulls were due a breather and this once again lead to shallow retrace into the .382 region where Bitcoin rallied and attempted a second time to break overhead resistance. As I write this BTC is still hovering around 9665 and seems to be desperate to avoid another deep retracementa and failed rally. I am not sure who will win this round as it sure does seem like the bulls keep suprising me at every turn. I am publishing this chart simply as an educational analysis because I found the similiarties to the February-March time to be very interesting. I hope those of you that made it to the end of this perhaps found it informative.
GL and God bless,
Red Boar
As you can see on the chart between .2/20/2018 and 03/05/2018 Bitcoin made a top at 11.7k retraced down to the .382 fibonacci level and then rallied a second time to try and take out overhead resistance. Obviously bitcoin then failed a second time and began a much needed retrace to try and regroup. The correction eneded up stopping at the .786 fibonacci level which, from what I hear, is a pretty common retracement area. After a period of accumulation bitcoin then began to climb again this time on 04/10/2018 and evnentulaly finding significant overhead resistance around 9700-9800. After meeting initial resistance at 9762 the bulls were due a breather and this once again lead to shallow retrace into the .382 region where Bitcoin rallied and attempted a second time to break overhead resistance. As I write this BTC is still hovering around 9665 and seems to be desperate to avoid another deep retracementa and failed rally. I am not sure who will win this round as it sure does seem like the bulls keep suprising me at every turn. I am publishing this chart simply as an educational analysis because I found the similiarties to the February-March time to be very interesting. I hope those of you that made it to the end of this perhaps found it informative.
GL and God bless,
Red Boar
Comment:
I think the .78 is still in play...here is how we could get there
Comment:
I think we may hit our original target!
I think we may hit our original target!
Comment:
Update: Targets hit both the .786 fib has been hit as well at 7.2k...Result? Successful trade...thanks to all who followed this idea!