BTC setting up for breakout OR heading the January highs at 42k
Still range bound, nothing else to it.
If it can reclaim and hold 56-57k area, i think it's headed to at least the range highs. Multiple higher timeframe closes above 58.3k (february high) will probably result in an expansion towards the upper extension targets.
Typical range play. Swept the initial high, swept the initial range low, deviated below the initial range low, now making potential swing failures above the range. The next closes inside the range will probably result in a nuke towards 50k and ultimately to the range lows below 45k, potentially filling the void that resulted in the Tesla BTC announcement and...
Fooling around with the Pi Cycle Top Indicator: www.lookintobitcoin.com
Also found in TradingView's indicators for free.
The consolidation fractal is from 2017 cycle, however the same idea of the brief consolidation was also present in 2013 rise.
" Indicator Overview
The Pi Cycle Top Indicator has historically been...
Not trusting the 12.3k daily close of failed breakout high as support, would rather look for support at 11.9-12k and 11.5k for daily and weekly close support levels.
Essentially shorting the range from the upper weekly level to the lower daily/weekly levels.
SHORT: From 13.4-13.5k (highly confluent weekly level)
TP1: 12k, 11.9k (WEEKLY/DAILY CONFLUENCE)
Copper is currently sitting on a multi year range low.
Multiple scenarios I thought of:
1) Sweep the previous lows, get back to the range
2) Break down the multi year range, grab liquidity from previous demand and pump back to the range.
If these range breakdowns and yellow multi year range reclaims happen, it will once again act as a swing failure that will...
Nothing changed with this one, same range as in the previous post, backtested the range EQ and now headed to range lows. Looking to buy at around range lows, but maybe only after it has swept the previous lows and reclaimed the range.
Coffee isn't alone in this dump, it's all of the commodities at the same time.
Wisdomtree COFFEE OD7B failed to get back out of the white range pictured here. Now it's headed back to range EQ @ 0.674. If that fails as support, it's headed to range lows or even new lows after that because of the massive swing failure above the white range (the green boxes). If that happens I would only enter back in if it reclaimed the white range lows.
BTC Cycles as per Trend-based Fibonacci Time
Played around with Tradingview's Trend-based Fibonacci Time charting tool. Noticed that Bitcoin halvings took place at approximately 0.5 fib trend-based time fibonacci calculated between each cycle's bottom and top . Kinda interesting. Also noted that each market top and following market bottom took place between...