BITCOIN - Could Be A Pull Back Soon
Looks like it may be finding a pivot at the 1:0.618 extension Golden Window.
This would complete a 3 wave correction.
The length of the 0.618 is shorter and thus it is a weak ratio.
It doesn't prove that a hard dump is coming and quite likely we'll see another shallow wave extend back down and into a higher time frame correction.
But remember that we didn't see a 0.618 retracement which is quite common at significant lows.
So that could be in the pipeline.
There is no definite pivot as yet, so let's see how it develops 👍.
In higher time frame I am bullish and BTC will see 174K by cycle end.
Not advice
This would complete a 3 wave correction.
The length of the 0.618 is shorter and thus it is a weak ratio.
It doesn't prove that a hard dump is coming and quite likely we'll see another shallow wave extend back down and into a higher time frame correction.
But remember that we didn't see a 0.618 retracement which is quite common at significant lows.
So that could be in the pipeline.
There is no definite pivot as yet, so let's see how it develops 👍.
In higher time frame I am bullish and BTC will see 174K by cycle end.
Not advice
Note
Pivot confirmed.
Dont forget to BOOST if you like this on point call 🤨👍
Note
I'm noticing a significant uptick in bears since the FED announced a probable interest rate cut next month.
Twitter and Youtube "gurus" in an outpouring of scary looking content.
And you know what the markets do when too many traders think the same thing.
Of course you do, just have a think about it 😸.
Anyhow if you dont know what the significance of a rate cut is then I'll probably make another video soon.
Note
BTC
Is falling from the 1:0.618 Golden Window as I covered yesterday.
It didn't quite get there and what I would suggest is that the shorter the third wave is; the weaker it is.
So having not quite hit the 0.618 is fairly weak.
Now that has happened, I think the probability of a 0.618 correction down to 54.7K is more likely.
I'm not saying that it is the most likely outcome, but rather the odds have significantly increased following the recent pivot ratio.
Now slumping through the extremity demand line.
Let's see how it develops 🧐.
Note
BTC
Flash dump and the next layer of wipeout is underway.
As suggested the three wave correction with a 1:0.618 extension ratio was a weak structure and it was likely for this to happen.
And as we know, the 0.618- 0.786 retracement Golden Window is a very common pivot for a secondary dump following a selling climax.
It would appear that pattern will repeat here...
So now BTC hitting the 0.618 @ 54.7K is the most likely outcome.
It could be another ratio, but 0.618 is the magnetic ratio because of its very close relation to Phi (1.618).
If you don't know what I'm on about, this is all explained in my Fibonacci video.
I may free up some of my funds in bonds to buy some more crypto if it gets to the 0.618 👀.
Note
Did anyone else call this extension ratio as weak?
I think not...
This is advanced use of Fibonacci ratios.
Dont forget to BOOST if you like this 😼.
Note
Bitcoin is drifting along the 0.382 retracement.
And there are little wicks below signalling buy pressure which could be a clue that it will at least bounce from this area.
And that may well be a connective wave to get back to see another wave down to the retracement Golden Window @ 54K...
Also possible that may see a change up; only because a GW pull back printed at the previous low and market makers do like to keep us guessing.
Whichever it is, the key detail for us manual traders is that Bitcoin is printing comfortably within the long term descending broadening wedge.
And so it can wobble away and it doesn't make too much difference to the higher time frame outcome.
There is a good chance here that this wave up from
49K is the next higher time frame uptrend.
Worth noting that with the upcoming FED pivot, there are a lot of bears walking that believe a market crash is coming.
I covered this in detail in Thursday video.
But in brief summary; there has been a lot of misinformation on youtube, Twitter etc, also articles written in financial websites that conclude that interest rate cuts cause market crashes.
But actually thats not true at all and in the 3 previous market crashes; they were already well underway and the interest rate cut was a response to crisis rather the trigger.
I'll make a TradingView video soon and cover this point.
Note
As I said, the weak 1:0.618 ratio will often lead to a 0.618 retracement.
And it would appear that is what is happening.
This consideration alone doesn't tell us that Bitcoin isn't in a downtrend.
But it is a very common path and can be part of a normal recovery.
In higher time frame this is a shallow descending broadening wedge which is a bullish fractal.
So I would suggest the most likely outcome is a bounce within the retracement Golden Window as described before 🧐.
Note
Here we are back at 
54K as I suggested was a likely outcome when BTC was up @ 64K.
Note
This has played out exactly as I suggested and now it would appear the next wave up is on.
The FED interest rate reaction was BULLISH.
Who would have thought 😸
Great buys in altcoins NOW 🚀.
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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