Hello guys,
Today I wanted to bring you all my take on the impact and realtionship fibonacci has had on Bitcoin. There have been numerous interactions between the price action of bitcoin and various fibonacci levels, in this chart I took a closer look at those price interactions in an attempt to determine exactly where we are and where we might be going. After studying the data I have come to the conclusion that we have indeed broken, and confrimed as resistance, the .786 region on our third attempt. I therefore do now believe we are consolidating below this line and should expect signficantly more downside action. If I am wrong then so be it, I am mereley analysing the data I have in an attempt to make the best GUESS that I possibly can. Price, as we all know, has a mind of its own.
Anyways, that is enough typing, I hope you guys enjoy this chart because I had alot of fun putting it together. Cheers and Good luck out there fellas.
Red Boar
Today I wanted to bring you all my take on the impact and realtionship fibonacci has had on Bitcoin. There have been numerous interactions between the price action of bitcoin and various fibonacci levels, in this chart I took a closer look at those price interactions in an attempt to determine exactly where we are and where we might be going. After studying the data I have come to the conclusion that we have indeed broken, and confrimed as resistance, the .786 region on our third attempt. I therefore do now believe we are consolidating below this line and should expect signficantly more downside action. If I am wrong then so be it, I am mereley analysing the data I have in an attempt to make the best GUESS that I possibly can. Price, as we all know, has a mind of its own.
Anyways, that is enough typing, I hope you guys enjoy this chart because I had alot of fun putting it together. Cheers and Good luck out there fellas.
Red Boar
Comment:
the .786 has REALLY been a tropper during the entirety of this down trend however, one has to begin to wonder how much longer it can realissticlaly give us support. I will contintue to watch this area very closely. I strong move below obviously sets us up with 5800, if 5800 goes I think the flood gates could be open to a full retrace between 3.5k and 3k.
Comment:
Well... .786 is now confirmed to be broken...currently we are breaking down from yet another bear flag....bitcoin certainly has seen better days.
Comment:
Short itttt, if I am wrong who cares? It's a great Risk Reward trade!
Comment:
We are still holding below fib line and could possibly be building an expanding wedge down below...
Comment:
Still operating under .786 fib in a descending broadening wedge. Bearish until bulls can breakout on strong volume