A different perspective of the same idea referenced here: - High volume bullish candle - Occurred on recent bullish breakout's 0.382 retracement - Occurred on the 1.618 retracement of bullish break's bearish correction - Strong bullish stochastic RSI (double bottom on the indicator) - Perfectly touched the bottom of recent channel - Perfectly touched the...
We are currently at the 0.382 Fib retracement of the recent long term bear trend breakout. We are also at a 1.618 retracement of this counter trend bearish breakout (using the last swing low - swing high of the bullish breakout wave). We are also at the 1.272 extension of the bearish breakout. If we don't reverse here, the 1.618 area at 6000 would seem to be the...
IMO we are seeing a large descending wedge, not a descending triangle. We are currently on the 0.146 weekly Fib retracement and seen some significant bullish price action recently at these levels. If we do break down through the wedge, I expect we will go down to the 5000 region. As such a round number, less than people have been able to buy bitcoin for a good...
Just tracking a personal idea but feel to share any feedback. Looking at two buy zones: Main idea: 0.5 retracement to big previous support and 1.618 fib extension in a gartley formation Sub idea: Wedge consolidation where it only goes down to just above 1.70