Bitcoin Dope Fire Chart (compare the fibs)
Updated
Chart objective: Observing how similar the candles are printing compared to the October bull run.
Here is how I am charting the current price action as it advances into December. Seems pretty bullish at the moment (can always change quickly in this game) as the candles are printing similar to how they did right before the last bull run in October. Compare the previous Fibonacci retracement levels with the current Fibonacci retracement levels on the 4-hour chart.
The previous bull climb over the course of October 21 is charted using Fibonacci retracement set from the swing low and the swing high of the previous bull run back in July/August. This is measured from low to high with the #1 white line.
The current Fibonacci retracement is set from the previous swing low and swing high from the bull run in October. This is measured from the low to high with the #2 white line.
Right before the October bull run the candles bounced off of the 0.5 on the orange fib. This area is marked with a white rectangle . After bouncing off of the 0.5 the price went from around $41,000 went north and eventually climbed over the 2.0 on the green fib putting the price over $68,000.
The current price action looks like it could be moving as it did in October. The candles have recently bounced off of the 0.5 on the orange fib. This is marked with a white rectangle .
The candles have now climbed over the 0.236 on the green fib. The last time it did this it bounced back and forth between the 0.5 and the 0.236 on the orange and green fibs before finally breaking out and climbing over the 0.382 on the green fib. From there is progressed up to an ath.
IMPORTANT:
In the previous price action, the candles fell back to the 0.5, on the orange fib twice before finally going north above the 0.236 and the 0.382.
Right now we have crossed over the 0.236 on the green fib for the first time, so we could easily drop back down to the 0.5 on the orange fib multiple times before there is progress up.
Also note that the RSI is at the same level it was at before the start of the October bull run. This is shown with the orange horizontal line and the white boxes over the RSI.
NOT financial advice. Only time will tell, there is no crystal ball. Markets are the wild west and the market does what it wants. Study and make your own trades, that is what it is all about.
Patience will be required to see how it plays out. Will update on this chart as we progress.
Peace friends!
Here is how I am charting the current price action as it advances into December. Seems pretty bullish at the moment (can always change quickly in this game) as the candles are printing similar to how they did right before the last bull run in October. Compare the previous Fibonacci retracement levels with the current Fibonacci retracement levels on the 4-hour chart.
The previous bull climb over the course of October 21 is charted using Fibonacci retracement set from the swing low and the swing high of the previous bull run back in July/August. This is measured from low to high with the #1 white line.
The current Fibonacci retracement is set from the previous swing low and swing high from the bull run in October. This is measured from the low to high with the #2 white line.
Right before the October bull run the candles bounced off of the 0.5 on the orange fib. This area is marked with a white rectangle . After bouncing off of the 0.5 the price went from around $41,000 went north and eventually climbed over the 2.0 on the green fib putting the price over $68,000.
The current price action looks like it could be moving as it did in October. The candles have recently bounced off of the 0.5 on the orange fib. This is marked with a white rectangle .
The candles have now climbed over the 0.236 on the green fib. The last time it did this it bounced back and forth between the 0.5 and the 0.236 on the orange and green fibs before finally breaking out and climbing over the 0.382 on the green fib. From there is progressed up to an ath.
IMPORTANT:
In the previous price action, the candles fell back to the 0.5, on the orange fib twice before finally going north above the 0.236 and the 0.382.
Right now we have crossed over the 0.236 on the green fib for the first time, so we could easily drop back down to the 0.5 on the orange fib multiple times before there is progress up.
Also note that the RSI is at the same level it was at before the start of the October bull run. This is shown with the orange horizontal line and the white boxes over the RSI.
NOT financial advice. Only time will tell, there is no crystal ball. Markets are the wild west and the market does what it wants. Study and make your own trades, that is what it is all about.
Patience will be required to see how it plays out. Will update on this chart as we progress.
Peace friends!
Note
Also, note the 200 and 55 EMA levels. They are shown with the yellow and pink EMAs. Currently, the candles are north of the yellow 55 as they were before they went north last time. Will continue to monitor.
Disclaimer
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