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Bitcoin finally did as it has done so many times in the past. The price broke the $7000 level and in doing so recovered the 0.618 Fibonacci retracement level. First I want to mention that it is the first time in recent sharp sell-offs that the 0.618 Fibonacci level is recovered so quickly and once it has, Bitcoin always made a new High, as shown on the chart below:
It appears that the current recover process is supported by a Channel Up. So far it has made perfect touches with the 0.136 Fib, the 0.382 Fib and as mentioned the 0.618 Fib today. The sequence shows that the contact on those Fibs is symmetrical and since the first one was on the 0.136, the analogy for the next contact is the 0.864 Fibonacci level. Now why we can see this price in April? Because it appears that every Fib level is touched roughly after 3-4 days from the last one.
*One parameter that can distort this Channel Up pattern is the contact with the 1D MA50 (blue line) or the MA200 (orange line).
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@patriq8, Thank you for your positive perspective towards things.
GunMoney
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@TradingShot, forget that fool. $1000 says he'll be eating his words in a month. We're going up
WorldEconomics
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@GunMoney, Based on? Bitcoin has followed the stock market to the T these passed few weeks. Again, markets were down today.. bitcoin is down $200+ today. Wait till the numbers take effect, the 3 million unemployed, collapsing consumer sentiment, falling manufacturing numbers.. the stocks took a breath before another fall. Bitcoin too will sell off
GunMoney
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@WorldEconomics, let’s chat in a month. You’re all missing the biggest bullish signal of all.
itsQure
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@GunMoney, see you at the dip homie. Just think about the heavy investors who are controlling the market.. not only that but we are about to test the support in the market within the next weeks. I say btc is a forming a perfect storm for a bear movement.
WorldEconomics
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@GunMoney, - Unemployment rose by 3,000,000 in a single week. Banks are begging for a bailout as they ran out of liquidity. Import and exports have collapsed. Prices for copper, steel, and iron collapsed. Demand for oil, collapsed. Yes, we most certainly will see in a month how prices start to depress. The free market has taken control of the markets, and nothing the Fed can do at this point will stop whats coming. Naive ALWAYS sink with the ship, because of their "it'll never fail" mindset. Good luck on the titanic ;)
GunMoney
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@WorldEconomics, oh you want to talk economics? Because that was one of my 3 majors. What does anything you just said have to do with inflation based assets? (rhetorical). Do you think gold and silver will tank too? Oh, by the way, the "free market" argument is shite, it's all manipulated by the central banks and interest rates as well as the expansion or contraction of the monetary base (which CBs control). All those trillions gotta go somewhere amigo. And yes, I'm loaded up on gold and silver as well as bonds and bitcoin. So let's talk in a month, after the halving. Money is all digital anyways. I'd rather own Bitcoin than gold these days (and I own a lot of each, and they're both heavily manipulated).
Bannedhammr
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@WorldEconomics, What a clown . You dont understand a liquidation event and what happens to ALL assets in it gtfo. Not saying btc is going up but btc has been moving against stocks more than naught and you come in here with an example of the past two days
GunMoney
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@charvey63, @prefabsprout@itsQure@WorldEconomics eat shit bums! Obviously none of you see the bigger picture. Let's chat in a month after the halving.