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BTC heads UP now: 48k could start next leg down, 40k or 37.5k ??

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Just a quick post to alert of a KEY level here.
All plotted levels are from the "Genesis Fib".
Every line has been a battle front both ways.

52.8k was an expectable top as posted here. (click)
The pullback was exactly to the fib at 42.8k.
Now we are at another key fib and decision.

I do NOT think this is the PROBABLE scenario.
But it is a distinct POSSIBILITY to prepare for.
Break of 50k would INVALIDATE this scenario.

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Note
Pullback under way?

We may have the beginnings of a leg down snapshot It went a little above the key fib but now coming back.

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Zoom IN (3 min) and switch to Heiken Ashi candles snapshot We see two "Pings" (exact ricochets) on the fib and now a dip.
Will this be "the one"? No way to know, but the fibs tell us:
IF there is to be a leg down, then THIS would be a good start.

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Wow

Right back with another LOUD PING snapshot And thus an example of a "high gravity" fib!

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And again...

24 hours since last snapshot, another PING snapshot One could not make this stuff up if one tried.

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Here we are again.

48,090 snapshot obviously in orbit, just Pinged from the underside.

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Dip for real this time.

Just got a significant leg down snapshot nice drop to the next fib below.

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Zoom IN (1 min) on that support fib snapshot That is a "loud" PING.
Ping as in a precise and violent ricochet off the fib.
Lets see if it holds, but a clean and loud Ping is a good start.

"Not all pings start a Reversal, but Most reversals start with a Ping".

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There went 45k.

Original target of 40.4k now in sight snapshot 42,789 should bounce it a bit, and remotely possible for double bottom.
But the velocity of this drop indicates a double bottom is unlikely ....

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Primary Target HIT @@

Wow, a market wide dump (including stocks) just in time to bring BTC to our target snapshot ALMOST exact tap of the fib at 40.415.

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Zoom IN (1 min) around 40.4k snapshot Indeed, ALMOST exact bounce, BUT that "almost" is concerning.
The pierce is not a great sign, would have preferred a clean "Ping".
IF we get past the fib above at 42,789, THEN we might have a "bottom".

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Here we are: snapshot the KEY first resistance to get past, if we are to hope for "bottom in"

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40.4k and 42.8k aint just a couple of lines snapshot more like tree rings in bitcoin's life

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Note
Here we are again, 40.4k

So we got a decent bounce on last Ping on this fib, and now we are back again snapshot

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Zoom IN to 1min: snapshot another clean "Ping", BUT unlikely to hold.
This fib already bounced it strong once, and was recently pierced.
So odds are we continue to next target of 37,489 as originally plotted.

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EuroMotif
Mod
the Golden Ratio is my Religion
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Elliott WaveFibonacciSupport and Resistance

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Elliott WaveFibonacciSupport and Resistance
EuroMotif
Mod
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.