Bitcoin - Old Fibonacci level suggest $59k is in view
Let's talk about the elephant in the crypto village square: Bitcoin. Now that we're looking at a correction, it makes sense to talk about where that may end and - for those of you that successfully took some profits - when and where you may want to re-deploy those funds.
I am of the view that Fibonaci levels - particularly old ones - are extremely helpful for predicting turning points when it comes to BTC. Small quick pullbacks may not involve recognising significant Fibs and can occur randomly or involve pivot levels (not shown). (I rarely trade those because I have a F/T job and do not have time to trade daily and also I find that trading smaller insignificant levels can be really frustrating and result in missing large runs...) However, when pullbacks stretch into weeks (current situation), then significant Fibs start coming into play.
I'll explain below where the blue and white fibs depicted in this image come from, but the blue Fib depicted here at ~US$59,600 is the 48 Fib of the original run and was initially ignored as the price stormed through it, but is now working like a magnet for BTC price and my view is that the correction will not end until this Fib is properly recognised. A proper recognition of this Fib may involve a spike down over a few hours (possibly a day) but then a weekly (or daily) close on or very close to the Fib line.
These old Fibs have been influential in shaping the price history of BTC to date, as can be seen from the linked images below. The thick dotted blue lines are the extension Fibs from the first long run of BTC between 2009 and Nov 2013 (first link below). The thin dotted white lines are the 'extension' fibs drawn from the 2014 crash in price. [Note the white lines are not drawn the conventional way - what can I say: I'm a rebel.]
The blue fibs have been massively influential and have accurately predicted most peaks and troughs (second link below). I think it's at least LIKELY that Bitcoin will not find a way forward before it has planted itself squarely on this 48 Fib over the coming week(s). Happy trading!
https://www.tradingview.com/x/FZkAE3SM/
https://www.tradingview.com/x/8KtoVXMG/
I am of the view that Fibonaci levels - particularly old ones - are extremely helpful for predicting turning points when it comes to BTC. Small quick pullbacks may not involve recognising significant Fibs and can occur randomly or involve pivot levels (not shown). (I rarely trade those because I have a F/T job and do not have time to trade daily and also I find that trading smaller insignificant levels can be really frustrating and result in missing large runs...) However, when pullbacks stretch into weeks (current situation), then significant Fibs start coming into play.
I'll explain below where the blue and white fibs depicted in this image come from, but the blue Fib depicted here at ~US$59,600 is the 48 Fib of the original run and was initially ignored as the price stormed through it, but is now working like a magnet for BTC price and my view is that the correction will not end until this Fib is properly recognised. A proper recognition of this Fib may involve a spike down over a few hours (possibly a day) but then a weekly (or daily) close on or very close to the Fib line.
These old Fibs have been influential in shaping the price history of BTC to date, as can be seen from the linked images below. The thick dotted blue lines are the extension Fibs from the first long run of BTC between 2009 and Nov 2013 (first link below). The thin dotted white lines are the 'extension' fibs drawn from the 2014 crash in price. [Note the white lines are not drawn the conventional way - what can I say: I'm a rebel.]
The blue fibs have been massively influential and have accurately predicted most peaks and troughs (second link below). I think it's at least LIKELY that Bitcoin will not find a way forward before it has planted itself squarely on this 48 Fib over the coming week(s). Happy trading!
https://www.tradingview.com/x/FZkAE3SM/
https://www.tradingview.com/x/8KtoVXMG/
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