BTC (Y20.P4.E12).Harmonics.Fib.Levels.How price.action explained
Just looking at the recent history of BTC price action by plotting the relevant items as per chart, seems to demonstrate how much Fibonacci and harmonics ( and ) work on the chart.
Note how the structure is confirmed with the price target at 9800 drop\support level.
I have added the harmonics (as per previous post for BTC rather than XBT) to get the message across, when people do a search on XBT ideas rather than BTC , hence why I have added this post with some additional information than the previous post.
Overview, note how the bottom support is the critical support. This has been seen at many instances in the history of BTC minus the Covid black swan event.
My view is, this would have also been the case if it wasn't for the global covid event, which I'm sure the whales took advantage to buy up stocks and at a bargain price.
Close up. Its possible that this level holds up as the market is very , including the stock market. Eg. SP500 which BTC is correlated with.
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SP500 price action with some observations and forecasting; Note target.