Some very interesting Data regarding FIBs and PA on Bitcoin
If you follow me you will notice my fascination with Fibs. Fib Circles and their effects past and present. This is a Long, in depth Read but please, read it all......It is amazing what is happening.
This chart is one I do not talk about often enough and the data in here is astounding if you consider how one set Fib circles here have origins in late 2022 and yet pass through major points Years before Hand.
For instance, Look at that 6.618 Fib circle currently rejecting PA.
It is Exactly the same circle that PA ran up to get to the Nov 2022 ATH.
In fact, if you look at it, PA has risen through these FIB circles since 2023 and yet, PA FELL through those same circle previously.
Take Note of how PA reacted previously on these Circles......even though the origins had not yet been created on PA. i.e tjhe base point of this Circle Set is on the Low in 2022 and yet it rejected PA in 2021
So, now the question remains, Whats going to happen as we progress through them now ?
The Horizontal Red Bars are based on the Trend Based Fib Extensions 618 Fib lines.
It is the 1.618 Fib line that held PA up in 2021. See how we bounced off it to get the 2nd ATH..
We are a LONG way off the 2.618 Fib line currently and I think it is highly likely that This time, it will act as Resistance.
https://www.tradingview.com/x/9dwyLGEv/
Now, Go back to where we got rejected in Nov 2021, off that 6.618 Fib Circle.
There is another Fib circle there, based off the beginning push up in 2020.
See how our 6.618 Fib circle intersects with the 2.618 of the 2020 set.
Strong Rejection.
Now look to the Current 6.618 Circle and do you See another "line" there....that is actually the 7.618 Fib Circle off the set that was created off 2020 points.
The 2 Sets of Fib circles have created the SAME response - rejection.
The Next Fib Circle in that 2020 set, the 8.618, intersects with the Current Fib circle Set 9,618, right on that Horizontal 2.618 Fib line, around September this year.
That 9.618 Circle..It rejected the March ATH in 2021. Look back.
And MORE than all of this..The Angled lines ? They are Fib Speed Resistance lines., based off a point in 2020
See how they act as influencial areas on PA.
And there is an intersection of one in Sep 2024, With the 2 Fib Circles..
What does this all mean ?
IT is wrong to ~Guess when it comes to trading and things can change drasticaly at short notice.
But I think the Key point here is how the Current set of circles Will act as resistance , as before, but we Rise inbetween, Bullish, Creating a Hige CUP pattern as BTC PA has repeatedly done before.
Untill we reach that 2.618 line..THEN we have to take account and Think again maybe/
But 2025 should be Agood year But we need to take into account that the FED may be cutting Rates by then....Not always Good for Trading
And Lastly, that vertical Green bar is placed approx the distance it may take MACD to cool off to oversold from ist current OverBought position, if PA follows a similar path to the 2021 - > 2022 low.
There is SO much more to this chart but I'll explain another Time.
I cannot wait to see how this plays out.
Please share and comment, I would Love to know what you all think about this
This chart is one I do not talk about often enough and the data in here is astounding if you consider how one set Fib circles here have origins in late 2022 and yet pass through major points Years before Hand.
For instance, Look at that 6.618 Fib circle currently rejecting PA.
It is Exactly the same circle that PA ran up to get to the Nov 2022 ATH.
In fact, if you look at it, PA has risen through these FIB circles since 2023 and yet, PA FELL through those same circle previously.
Take Note of how PA reacted previously on these Circles......even though the origins had not yet been created on PA. i.e tjhe base point of this Circle Set is on the Low in 2022 and yet it rejected PA in 2021
So, now the question remains, Whats going to happen as we progress through them now ?
The Horizontal Red Bars are based on the Trend Based Fib Extensions 618 Fib lines.
It is the 1.618 Fib line that held PA up in 2021. See how we bounced off it to get the 2nd ATH..
We are a LONG way off the 2.618 Fib line currently and I think it is highly likely that This time, it will act as Resistance.
https://www.tradingview.com/x/9dwyLGEv/
Now, Go back to where we got rejected in Nov 2021, off that 6.618 Fib Circle.
There is another Fib circle there, based off the beginning push up in 2020.
See how our 6.618 Fib circle intersects with the 2.618 of the 2020 set.
Strong Rejection.
Now look to the Current 6.618 Circle and do you See another "line" there....that is actually the 7.618 Fib Circle off the set that was created off 2020 points.
The 2 Sets of Fib circles have created the SAME response - rejection.
The Next Fib Circle in that 2020 set, the 8.618, intersects with the Current Fib circle Set 9,618, right on that Horizontal 2.618 Fib line, around September this year.
That 9.618 Circle..It rejected the March ATH in 2021. Look back.
And MORE than all of this..The Angled lines ? They are Fib Speed Resistance lines., based off a point in 2020
See how they act as influencial areas on PA.
And there is an intersection of one in Sep 2024, With the 2 Fib Circles..
What does this all mean ?
IT is wrong to ~Guess when it comes to trading and things can change drasticaly at short notice.
But I think the Key point here is how the Current set of circles Will act as resistance , as before, but we Rise inbetween, Bullish, Creating a Hige CUP pattern as BTC PA has repeatedly done before.
Untill we reach that 2.618 line..THEN we have to take account and Think again maybe/
But 2025 should be Agood year But we need to take into account that the FED may be cutting Rates by then....Not always Good for Trading
And Lastly, that vertical Green bar is placed approx the distance it may take MACD to cool off to oversold from ist current OverBought position, if PA follows a similar path to the 2021 - > 2022 low.
There is SO much more to this chart but I'll explain another Time.
I cannot wait to see how this plays out.
Please share and comment, I would Love to know what you all think about this
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