Bitcoin, Fibs and Trendlines
Updated
I love me some Fibonaccis . Fans, retracements and extensions to illuminate the threads of nature. The fabric of space and time, ripples in a pond... impulses and waves. It's all a beautiful thing.
I've highlighted fibs and trend lines, some old and some new. The blue shaded trend line back from end of March 2017 still acts as an area of support that we've bounce up from 3 times in recent months. The green shaded trend lines is the current upward trend starting from the end of March 2019. The yellow fib fan lines originate from the BTC's ATH. Then there are more recent fib lines from the more recent ATH's that thread into lower time frame to help illuminate the candle threads.
The red fib extension from 12,340 from 8/6/18, feels like it's still valid. BTC felt like it needed to hit at least the .5 and .618, but it kept bouncing off the .382. Look how many times we've bounced from that strong supported region. BTC is on a down trend line following the .382 fib line from the 8/6 high.
But another fib circle approaches and every time we've hit one on the backend, BTC has dropped. As we approach it in the next few days, I don't think this will change. BTC will break downward past the .382 level to at least .5 and maybe touch the .618. Once we are in the blue trend channel, look for a bounce upwards from there, especially off that .618 yellow trend line. There's one more brighter blue fib circle which could be a catalyst for a further drop. Hard to see beyond that. BTC could drop further. Or ride upwards on the backside of the blue fib circle to return to the green channel trend line. If it does that, we would be within a asymmetrical triangle.
I'm publishing for my own records. If you like fibs and can see the trends please show some love.
I love all your charts and learn from them everyday.
I've highlighted fibs and trend lines, some old and some new. The blue shaded trend line back from end of March 2017 still acts as an area of support that we've bounce up from 3 times in recent months. The green shaded trend lines is the current upward trend starting from the end of March 2019. The yellow fib fan lines originate from the BTC's ATH. Then there are more recent fib lines from the more recent ATH's that thread into lower time frame to help illuminate the candle threads.
The red fib extension from 12,340 from 8/6/18, feels like it's still valid. BTC felt like it needed to hit at least the .5 and .618, but it kept bouncing off the .382. Look how many times we've bounced from that strong supported region. BTC is on a down trend line following the .382 fib line from the 8/6 high.
But another fib circle approaches and every time we've hit one on the backend, BTC has dropped. As we approach it in the next few days, I don't think this will change. BTC will break downward past the .382 level to at least .5 and maybe touch the .618. Once we are in the blue trend channel, look for a bounce upwards from there, especially off that .618 yellow trend line. There's one more brighter blue fib circle which could be a catalyst for a further drop. Hard to see beyond that. BTC could drop further. Or ride upwards on the backside of the blue fib circle to return to the green channel trend line. If it does that, we would be within a asymmetrical triangle.
I'm publishing for my own records. If you like fibs and can see the trends please show some love.
I love all your charts and learn from them everyday.
Note
Big Picture
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