Second Attempt at 8/1 Gann (Bitcoin)
Updated
Bitcoin is approaching once again the 8/1 Gann ratio , we just need to start closing Daily's above 50k and it could signal the restart of the bullrun.
It is possible we are setting up for a parabolic move that would take us straight to 76k , we have three touch points and the 1.618 lands 76k.
Only when the 8/1 Gann ratio is broken would this parabolic move be valid if we fail to break the 8/1 before Oct 18 then this short term projection would be invalidated.
It took 146 days from all time high to hit 8/1 for the first time and it got rejected , we expected a rejection since historically Bitcoin's first attempt at the 8/1 normally ends in a rejection , I cover this in a number of TAs leading up to this rejection , on average the second attempt normally breaks it so its time to pay attention because there is going to be a small window of opportunity to place in a multi week long.
Will it break this time?
It is possible we are setting up for a parabolic move that would take us straight to 76k , we have three touch points and the 1.618 lands 76k.
Only when the 8/1 Gann ratio is broken would this parabolic move be valid if we fail to break the 8/1 before Oct 18 then this short term projection would be invalidated.
It took 146 days from all time high to hit 8/1 for the first time and it got rejected , we expected a rejection since historically Bitcoin's first attempt at the 8/1 normally ends in a rejection , I cover this in a number of TAs leading up to this rejection , on average the second attempt normally breaks it so its time to pay attention because there is going to be a small window of opportunity to place in a multi week long.
Will it break this time?
Note
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t.me/+8CRZJqXrjwU4ODA0 re-launched telegram group , it is free , just place to chillout talk about crypto bull market , will be posting trades live randomly
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