New Fib Boundary Marks the Drop, Gives Clues to What's Coming
We've been out of range of the previous fib circle boundaries that took us through the early summer months, and I've been searching for another range to give us clues as to what is going on. I believe I have found yet another magical fib circle that not only coincides with several previous pivot points, but it lines up exactly with today's drop point. This tells me that the boundaries ahead on this new fib circle construction will give us good clues as to future pivot points.
The blood bath on altcoins today lead me to search for a new set of circles that might have the ability of describing some critical points. The boring sideways action that we've had for the past few weeks didn't give us enough data to analyze, but now that we have volatility coming back into the picture, we can see what's going on. I've removed the old fib circle sets to clean up the chart, and we have our new set laid out. I'm keeping the old Big Green set (based on the range of May 2 2018 to September 10th 2018) for now, but we'll focus on the new evidence. Let's take a look!
The new Light Red magical fib circle set that I will be using for the foreseeable future will be based on this date range:
Light Red - May 15 2019 to July 10th 2019
First, we'll look at the evidence that tells us this new Light Red fib circle set is relevant. We notice that we had several former pivot points using these lines, with a drop happening on July 10th, and candles crawling up the 1.618 line beginning around July 14th. That kind of validates the gravitational pulling effect of this particular fib circle analysis. Today's drop happened directly on the crossing of the 2.618 line. Therefore, I look for a pivotal action point to occur on the 3.618 below. With the strong downward momentum that we are experiencing today, we could drop straight down to the 3.618. Right now, it looks like we are zig-zagging back up towards the previous boundary. But the correction might not be over. IF we do drop to the 3.618, and the altcoin market is still bleeding out, I would look for another pivot and drop when we reach the 4.236 further on below. Either of these lines could provide support, possibly around 0.22, but it looks possible that we could sink to 0.19 before this is over. The only reason why I think we could drop further is due to the fact that I never saw breaking the 0.28 price. I thought it was firm support.
We'll watch the action today and tomorrow, and then analyze the other indicators and dig up clues to see if we can find a solid bottom. For now it's best to see how this plays out on the 4-hour chart. Next, we'll look at this on the 1-hour level to zoom in on the action on the micro level. I'm hoping to have enough solid evidence to get a buy in at the bottom before the market stabilizes and turns around. I have entry points of 0.45 and 0.31, so I plan on averaging down as we go.
This is not financial advice, entertainment purposes only. I'm not an expert investor, I'm just the CryptoPro Carlton Flowers! Video coming soon, stay tuned! Your comments are welcomed!
The blood bath on altcoins today lead me to search for a new set of circles that might have the ability of describing some critical points. The boring sideways action that we've had for the past few weeks didn't give us enough data to analyze, but now that we have volatility coming back into the picture, we can see what's going on. I've removed the old fib circle sets to clean up the chart, and we have our new set laid out. I'm keeping the old Big Green set (based on the range of May 2 2018 to September 10th 2018) for now, but we'll focus on the new evidence. Let's take a look!
The new Light Red magical fib circle set that I will be using for the foreseeable future will be based on this date range:
Light Red - May 15 2019 to July 10th 2019
First, we'll look at the evidence that tells us this new Light Red fib circle set is relevant. We notice that we had several former pivot points using these lines, with a drop happening on July 10th, and candles crawling up the 1.618 line beginning around July 14th. That kind of validates the gravitational pulling effect of this particular fib circle analysis. Today's drop happened directly on the crossing of the 2.618 line. Therefore, I look for a pivotal action point to occur on the 3.618 below. With the strong downward momentum that we are experiencing today, we could drop straight down to the 3.618. Right now, it looks like we are zig-zagging back up towards the previous boundary. But the correction might not be over. IF we do drop to the 3.618, and the altcoin market is still bleeding out, I would look for another pivot and drop when we reach the 4.236 further on below. Either of these lines could provide support, possibly around 0.22, but it looks possible that we could sink to 0.19 before this is over. The only reason why I think we could drop further is due to the fact that I never saw breaking the 0.28 price. I thought it was firm support.
We'll watch the action today and tomorrow, and then analyze the other indicators and dig up clues to see if we can find a solid bottom. For now it's best to see how this plays out on the 4-hour chart. Next, we'll look at this on the 1-hour level to zoom in on the action on the micro level. I'm hoping to have enough solid evidence to get a buy in at the bottom before the market stabilizes and turns around. I have entry points of 0.45 and 0.31, so I plan on averaging down as we go.
This is not financial advice, entertainment purposes only. I'm not an expert investor, I'm just the CryptoPro Carlton Flowers! Video coming soon, stay tuned! Your comments are welcomed!