I checked the box "Fib levels based on log scale" in my fibonacci tool.
Then compared the 2011-2013 to 2013-2021 sections with the fibonacci tool. When stretched out, they are very similar.
I discovered that in 2013 and in 2021, just before the dip, both reached 1.618 fibonacci.
Additionally, in 2013, BTC topped out in the 1.786 to 1.886 range. Which could be considered a bull trap.
So, will there be another bull trap, for what many consider the last wave 5 of this Elliott wave?
For 2021, I list the fibonacci values below, as they are hard to see on the chart. I would keep an eye out for the 1.786 to 1.886 range for such a bull trap.
I threw 1.707 in there too.
1.886 (100,000)
1.786 (83,000)
1.707 (72,000)
1.618 (61,000) - BTC reached $64,900
This is a close up of the 2013 dip.
Then compared the 2011-2013 to 2013-2021 sections with the fibonacci tool. When stretched out, they are very similar.
I discovered that in 2013 and in 2021, just before the dip, both reached 1.618 fibonacci.
Additionally, in 2013, BTC topped out in the 1.786 to 1.886 range. Which could be considered a bull trap.
So, will there be another bull trap, for what many consider the last wave 5 of this Elliott wave?
For 2021, I list the fibonacci values below, as they are hard to see on the chart. I would keep an eye out for the 1.786 to 1.886 range for such a bull trap.
I threw 1.707 in there too.
1.886 (100,000)
1.786 (83,000)
1.707 (72,000)
1.618 (61,000) - BTC reached $64,900
This is a close up of the 2013 dip.
Note
Related idea
Note
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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.