My first analysis on BTC/AUD by applying Fib Retracement (tested one year of data and found 0.5 is the support line).
My opinion is that A$68,300 has strong support and it may be the good buying point of the year.
24th May at 2am, BTCAUD hit a new Low Low as we saw a Morning Star appear on the 4hr followed by a series of bullish engulfing candlesticks .
25th May at 6am, as the price reached the top of its short term uptrend, it hit a major level of resistance (+28% over 28 hours) which is also the 38.2% Fibonacci line before retracing slightly (-8.79% over 16 hours) back...
I've spent the last few months on the BTCMarkets sub. Still don't know much about TA etc. Going to remain a HODL'r
Been reading people like Antranik, Merlin and a bunch of others and decided to play with Trading view for fun.
Some beautiful trends emerging on the 4hr chart.
We are following the 4th down to our re-entry point where we will open a long, riding the 5th up to our target of circa 70k.
Zooming in, we are entering the last wave of our retrace back to this entry point.
Steady hands and waiting for validations.
This won't end well for compulsive bears... New ath any moment, but for now be careful of the bull trap anove 39700 USD and keep some funds available if we touch down near 33333 USD, Grayscale is buying at the monthly trendline so anyone one who is dreaming about btc under 33k will be shorting straight into the wallets of institutions that know how to make...