The "Potential Reversal Zone", or PRZ -is between the 50% fibonacci retracement level at 32.66K
and
the 66% retracement level at 41.51K.
-----THE WHY--------- [[ WHY THE 66%?]] ((the primary tool in all of my technical anaylsis is the use of the "golden ratio" in forecasting 'pivots" as the 61.8% retracement level is the primary guide.
The 50% and 66% fibonnaci retracement levels are simply the most favorable deviations from the 61.8% level that accurately reflect market volatility]]
Synonyms of "Pivot" = "bounces", "bottom", "top", "reversals". ALL of these words essentially entail the same definition -that which the price at which the previous trend, either bullish, or bearish -changes.]] ____________________
FORECAST:
IF THE BEARISH 5-0 HARMONIC IS VALID:
THEN We will see a price reversal, or PIVOT between the prices of 32.66K and 41.151K.
THEREFORE - Price can go as high as 41.5K over the next 173 days (another +6% from current 36.472K)
IF PRICE IS REJECTED AT, or BELOW 41.151K: Bearish Harmonic 5-0 pattern IS VALID with bearish price targets beginning at:
** 3) 12.292K [open CME gap at 11.1K] **** 4) 9.615K *OPEN CME GAP *** 5) 6.66K *** 6) 4.44K ***** 7) 3.55K *OPEN CME GAP
IF THE BEARISH 5-0 HARMONIC PATTERN IS NOT VALID:
THEN Price may reach 58.19K -or HIGHER.
THEREFORE - IF PRICE BREAKS ABOVE 41.151K IN THE NEXT 173 days
THEN We will adjust positions to BULLISH and adjust our strategy accordingly.
IF PRICE IS REJECTED AT, or BELOW 41.151K in the next 173 days
THEN We will look for LIMIT ORDER FILLS at the 4 targets above.
IT'S A SIMPLE. EFFECTIVE. STRATEGY.
IT ONLY WORKS BECAUSE WE REMAIN RELATIVELY DYNAMIC -AND SO FAR, BITCOIN HAS OUTPERFORMED EVERY SINGLE INVESTIBLE ASSET SINCE 2010.
_____________________
IT IS TIME TO START PLANNING FOR THE NEXT BULLISH WAVE. THAT MEANS SETTING YOUR ORDERS WHEN CONFIRMATIONS ARE MET -AND HAVING THE DISCIPLINE TO WAIT FOR THE NEXT FILL.
**ALL SCRIPTS ARE MY OWN EXCEPT FOR THE RSI. IF YOU WOULD LIKE TO TRY THEM OUT, LET ME KNOW BELOW**
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