BitcoinLong
Golden 61.8% Fibonacci Ratio Takes Us To $20.5K
Updated
This Bull Flag is a continuation pattern of the upward trend.
Upward Continuation Criteria
- Lower trend line of the Bull Flag holds and price continues to go up, we'll continue our journey to the next 61.8% Fibonacci Level at $20,500-ish.
Downward Continuation Criteria
- Lower trend line of the Bull Flag is breached. But if the price gets supported at either the Support Line #1 at $8,500 or Support Line #2 at $7,200, we'll form a Descending Broadening Channel (created by green dotted trend line) which is a Bullish Pattern. We might bounce off of it and continue up to the $17,970-ish level (138.2% Fibonacci Level).
Only time will tell.
Always remember to place your stops at the appropriate levels.
Happy Trading Everyone!
Ron
Check out the broader view of the Fibonacci Circle:
Check out the short term outlook:
Upward Continuation Criteria
- Lower trend line of the Bull Flag holds and price continues to go up, we'll continue our journey to the next 61.8% Fibonacci Level at $20,500-ish.
Downward Continuation Criteria
- Lower trend line of the Bull Flag is breached. But if the price gets supported at either the Support Line #1 at $8,500 or Support Line #2 at $7,200, we'll form a Descending Broadening Channel (created by green dotted trend line) which is a Bullish Pattern. We might bounce off of it and continue up to the $17,970-ish level (138.2% Fibonacci Level).
Only time will tell.
Always remember to place your stops at the appropriate levels.
Happy Trading Everyone!
Ron
Check out the broader view of the Fibonacci Circle:
Check out the short term outlook:
Note
Check out the short term outlook: Note
Price is still ranging at the 61.8% Fibonacci level and Bitcoin has the potential to launch from this level. Accumulation phase is almost complete. Bullish signals are firing now.
Warning! Never dismiss the possibility of a break to the downside.
Warning! Watch out for the FU move.
Best strategy for any scenario:
1. Place a trailing stop loss.
2. Never trade before the breakout!
Happy Trading Everyone.
Ron
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