jazzman1959

BTC/USD on a 343min BO$$ Method

Long
BITFINEX:BTCUSD   Bitcoin
I tuned my fib on a 1W chart (I usually chart BTC on a 1W to see the long term picture) to the 7/21 intersections. As you can see we are being compressed down on the .618 which is acting as a strong line of support. I then drew a descending resistance line across the tips of the 7 where we have been rejected. I decided the point where this resistance line meets our .618 is significant, so I drew a vertical line through this intersection and then made this point the low point for my sine wave, with the high point tuned to the top of the 7. So based on this analysis we will complete our correction and run completely out of the negative energy from the last bull run on October 14th.
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