mirror mirror on the wall who's the fairest of them all ;)
after departing sharply from the median of the corrective schiff fork, price has bounced down from the 2.0 parallel of this median.
as you can see the point of bounce back is situated at the .65 of the last major fall.note that the stochastic indicator is above the 80 line since the rapid departure from the indicated fork median and has known no rest....
and then we notice that we have had the same experience with the depart from our old friend the genesis fork`s median, in a larger scale
if the history repeated itself untill this part of the chart, then maybe we already know what can happen.
as you can see, in the second part of our last price departure from the genesis median, the price returned to level .382 before continuing to its target at level -.236
so this translated to our current situation we get :
which means a drop to level .236 of the current rise which is at 43697 and then rise to 51193.
so.....
short with seeing the signs of fall (stoch,rsi, ....)
exit short at around .236 = 43697ish
long at bounce bask with keeping eye on resistance level at the 618-65 level of the last major fall fib ( 46983-48206_
target being the famous -.236 at 51193
Obviously not a financial advice
and sorry for the semi serious tone in this chart, its bitcoin, we cant have fun with serious coins..... lol
but.... keep passing wink to your left ;)
as you can see the point of bounce back is situated at the .65 of the last major fall.note that the stochastic indicator is above the 80 line since the rapid departure from the indicated fork median and has known no rest....
and then we notice that we have had the same experience with the depart from our old friend the genesis fork`s median, in a larger scale
if the history repeated itself untill this part of the chart, then maybe we already know what can happen.
as you can see, in the second part of our last price departure from the genesis median, the price returned to level .382 before continuing to its target at level -.236
so this translated to our current situation we get :
which means a drop to level .236 of the current rise which is at 43697 and then rise to 51193.
so.....
short with seeing the signs of fall (stoch,rsi, ....)
exit short at around .236 = 43697ish
long at bounce bask with keeping eye on resistance level at the 618-65 level of the last major fall fib ( 46983-48206_
target being the famous -.236 at 51193
Obviously not a financial advice
and sorry for the semi serious tone in this chart, its bitcoin, we cant have fun with serious coins..... lol
but.... keep passing wink to your left ;)
Note
rsi bearish divergence might be confirming this idea
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.
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.