Expanding on 20 000 Fibonacci 1.618
Updated
Showing Fib lines connected to my previous post. It is clear that BTCUSD is facing a hard resistance to cross, but looking at these levels, it seems clear that support is closer than resistance on average. The kind of situation where longer holds makes more sense than short term trades. Can we go down? Oh yes, we can but going up will have long legs and thus lots of volatility. There has been lots of positive news lately (credit card company interest, etc) balanced with the whole world recession, money printing situation and unemployment (need for money in the hand for necessities).
Volatility is slowing down and showing signs of possibly slowing down even more - this means formation of a bigger pattern than the diamond everybody is pointing at (possibly a much bigger ascending triangle with top around 12 100 or a slow march up to a "deciding price level" (such as 13 200 - 14 000) via a parallel channel.
Conclusion: Looking up has more open space for movement, but volatility says the possible big legs up will not happen soon and that we are in for a slow formation of a bigger pattern for a more meaningful decision.
Volatility is slowing down and showing signs of possibly slowing down even more - this means formation of a bigger pattern than the diamond everybody is pointing at (possibly a much bigger ascending triangle with top around 12 100 or a slow march up to a "deciding price level" (such as 13 200 - 14 000) via a parallel channel.
Conclusion: Looking up has more open space for movement, but volatility says the possible big legs up will not happen soon and that we are in for a slow formation of a bigger pattern for a more meaningful decision.
Note
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