My (less is more) macro perspective on Bitcoin
Updated
I posted this chart before, however I think the font-sizes I used were not big enough for people to read properly. That's why I updated a few things and am sharing this with you.
With the recent bearish retest of the $8750 price levels, the $7350 is the first obvious support on the way down. This coincides with the 0.618 fib retracement level drawn from the previous bottom around $3300 to the top of end June around $14000. Though I don't think this level will hold, the price will definitely bounce from it to test $8000 again. $7350 could provide a good long opportunity (invalidated below $7000).
The ultimate long however will be around $6500. This level was key support after the crazy bull-run in 2017. The break down of this level lead us to 3300k. Now that we're clearly back above it, it should act as a strong support. Otherwise things won't look good for Bitcoin .
Note that it's not precisely $6500, consider the green box for a long, layer orders appropriately.
The yellow line drawn is a possible (and ideal scenario). It doesn't mean PA will exactly follow this. The yellow line is there to make support and resistances clear.
* THIS IS NO FINANCIAL ADVICE
** LESS IS MORE, DON'T OVER-COMPLICATE THINGS
With the recent bearish retest of the $8750 price levels, the $7350 is the first obvious support on the way down. This coincides with the 0.618 fib retracement level drawn from the previous bottom around $3300 to the top of end June around $14000. Though I don't think this level will hold, the price will definitely bounce from it to test $8000 again. $7350 could provide a good long opportunity (invalidated below $7000).
The ultimate long however will be around $6500. This level was key support after the crazy bull-run in 2017. The break down of this level lead us to 3300k. Now that we're clearly back above it, it should act as a strong support. Otherwise things won't look good for Bitcoin .
Note that it's not precisely $6500, consider the green box for a long, layer orders appropriately.
The yellow line drawn is a possible (and ideal scenario). It doesn't mean PA will exactly follow this. The yellow line is there to make support and resistances clear.
* THIS IS NO FINANCIAL ADVICE
** LESS IS MORE, DON'T OVER-COMPLICATE THINGS
Note
Bitcoin going for that 0.618 area I mentioned. Let's see how it will react.Note
Woah, what a reaction from the mentioned level. Mu levels are respected very well (in red).
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