Schiff & FIB
for BTC cycles of glitter & doom, we obtain a pretty accurate trace of major price movements by applying a combo of Schiff pitchforks & FIB retracements to the 4 eruptive phases of 2013, 2013/14, 2017/18, 2020/21. Schiff pitchforks, rooted at very bottom prices inbetween eruptions and spanned from eruptive tops to consecutive lows of retracement, tell you where to put the 100% level of retracement in the next eruptive phase. That 100% level of retracement is well attached to the event, when prices constantly surpass the center line of the Schiff pitchfork trend channel of the previous eruptive phase.
From that kind of nesting of indicators, we find that
1. retracements regularly complete at the 78,6% level
2. the 100% retracement level of the current eruptive phase should not be put - as often suggested - on 20/21 Oct., when Paypal announced their engagement in BTC, but rather on Nov. 12, at the considerably higher price of 15.481 USD.
3. the current eruptive phase may bottom out end of February, early March at prices around 21.200 USD
4. when guided (as in the past) by the bottom quartile of the next Schiff pitchfork trend channel, BTC will pass the end of 2021 somewhere between 24.700 and 30.000 USD
From that kind of nesting of indicators, we find that
1. retracements regularly complete at the 78,6% level
2. the 100% retracement level of the current eruptive phase should not be put - as often suggested - on 20/21 Oct., when Paypal announced their engagement in BTC, but rather on Nov. 12, at the considerably higher price of 15.481 USD.
3. the current eruptive phase may bottom out end of February, early March at prices around 21.200 USD
4. when guided (as in the past) by the bottom quartile of the next Schiff pitchfork trend channel, BTC will pass the end of 2021 somewhere between 24.700 and 30.000 USD
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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.
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.