The Battle of BTC: Venue: $9,225 to $12,950
Keeping an eye on BTC. This is a limited scope fib retracement, supporting the trend-based extension. I will regularly plot these for 6 pairs over the next 12 months in order to complete an backward looking analysis.
Fib retracement (range 3/26/2017 to 12/17/2017) with a single Fib retracement plotted on trend from 3/26/2017 to 12/17/2017. With that exception, retracements plotted to determine any confluence range from 7/16/2017 to 12/17/2017. Always wick to wick; always ending on 12/17/2017 wick.
Dotted lines indicate confluence of two or more points identified with above-referenced Fib retracements.
Breaking 9k is obviously a point on the path up. If it's exceeded, any further advancement might be revealed with an eye on volume. I would expect a fight between $9,225 and $12,975. Regardless of the victor, I expect volume to contradict the volume profile reflected in the chart (i.e. volume will exceed the volume we have seen in this price range in the past).
My take: if $9,225, then 11k+, but not further than 12.95k . . . for now.
Comment, insights, critique are welcomed and appreciated.
ETHUSD and OMGETH
Fib retracement (range 3/26/2017 to 12/17/2017) with a single Fib retracement plotted on trend from 3/26/2017 to 12/17/2017. With that exception, retracements plotted to determine any confluence range from 7/16/2017 to 12/17/2017. Always wick to wick; always ending on 12/17/2017 wick.
Dotted lines indicate confluence of two or more points identified with above-referenced Fib retracements.
Breaking 9k is obviously a point on the path up. If it's exceeded, any further advancement might be revealed with an eye on volume. I would expect a fight between $9,225 and $12,975. Regardless of the victor, I expect volume to contradict the volume profile reflected in the chart (i.e. volume will exceed the volume we have seen in this price range in the past).
My take: if $9,225, then 11k+, but not further than 12.95k . . . for now.
Comment, insights, critique are welcomed and appreciated.
ETHUSD and OMGETH
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