IT'S A SIMPLE. EFFECTIVE. STRATEGY -FOR BITCOIN
Updated
[[SEE ATTACHED CHART IMAGE FROM 14JAN2023]]
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:
1) ** AGGGRESSIVE 19950K *OPEN CME GAP
2) **** LIMIT BUY - 17.042K
- - IF PRICE PUSHES BELOW 15.479K - -
** 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**
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:
1) ** AGGGRESSIVE 19950K *OPEN CME GAP
2) **** LIMIT BUY - 17.042K
- - IF PRICE PUSHES BELOW 15.479K - -
** 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**
Note
BETTER VIEWNote
3 DAY CHARTNote
3D + FIXED RANGE VOLUME VPNote
BTCUSD 12DBULLISH IDEA:
((fits well on a linear chart too))
Note
LinearNote
BTC 12Dtesting out some new scripts.
Note
POSSIBLE BULLISH SCENARIO:3D
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.