BTC heads up at 69k: not just a sexy number, but a Genesis fib
Updated
Plot is a single fib series, shown in 3 timeframes.
69k was a previous top and for a very good reason.
IF we are to get a lower high then 69k may be it.
Chart is from Coinbase, others will vary a bit:
$ 69,096.20 is the exact level, topped last run.
$ 65,255.26 below is absolutely critical support
$ 72,937.41 is the next barrier to break above.
===========================================
.
69k was a previous top and for a very good reason.
IF we are to get a lower high then 69k may be it.
Chart is from Coinbase, others will vary a bit:
$ 69,096.20 is the exact level, topped last run.
$ 65,255.26 below is absolutely critical support
$ 72,937.41 is the next barrier to break above.
===========================================
.
Trade active
BOING
Target HIT and CURLING.
.
Zoom in (m15)
We got soooooo close to 69,096.
Notice the PINGS (exact turns) on fibs below.
Thus we were expecting a reaction here for sure.
.
Lets bring in some local fibs:
Genesis fib at 69k is reinforced by a TopDown fib.
"TopDown" as in the wave from the 73k top of run.
Thus VERY STRONG zone that will be hard to break.
.
Lets look at some supports/targets below:
67,996 (68k) needs to slow the decent.
67,328 would ideally HOLD and bounce.
65,255 Genesis fib is a MUST-HOLD if hit.
.
I still think we tap the 69k Genesis fib.
Perhaps after a shallow weekend retrace.
=================================================================
.
Trade active
Trying again:
That high gravity fib is still pulling on us.
.
Adding local fibs to above high tf fibs, we get this picture:
Currently Sunday before markets opening.
Lets see what next week brings for inflows.
=================================================================
.
Trade closed: target reached
BOOM
Dip Target hit, EXACLTY (of course).
.
Zoom IN (m1)
And we heard a "PIng" (exact ricochet of fib).
Will it hold? LIkely we "orbit" this fib a few times.
=================================================================
.
Trade active
Recent price action around the Genesis fibs (h4)
Thus our struggle with 72,937.41 (again)
=================================================================
.
Related publications
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.