we have reach my .618 fib level- potential resistance here.I favor a short here Now that price has come up to my old .618 fib level at 4400 area, price has potential to reject this fib level and come back down to around 40k again at the .5 fib level.
Though, If price continues up and has a 4hr or daily candle closure that ends above 44500, then price will continue up to the next fib level at around 4600.
Arcs, Circles And Spirals
I favor a pullback here now that we have reached 41.5kWe have hit the 2 fib targets I mentioned in my last post- now that we are here, I favor a pullback happening to at least 39100, if not even going as far as 38800, where we could then look for a potential rejection again, to go back up towards 40k again.
Although, if and when a 4hr candle closes above my .618 fib level @ 41,569, I see price going to the next fib level at around 43,530.
BTC headed to 41,200 area before pull backHi everyone, I am just updating the chart I posted last week, all of my previous predictions for targets have been hitting since we came up past 40k. now that we have done so, I believe price may have a pullback around 41,200, and then continue up towards 43k.
BTCUSDMy current position on BTCUSD,
Price has come down to 33,000, and rejected the innermost 1.618 Fib circles from the most recent downtrend (if it is fact ending now.
will wait to for further confirmation- If price breaks above 35,453 I will buy to the next 2 fib circle levels at 37,800-39,700.
I believe price may play around in this area and may reject the innermost part of the 1.618 circle a few more times before "the fly" back up to 40k ish
My daily sell break level is also listed at 35,165/ or below the 100% fib circle level.
Fibonacci Waves / Weak Market Hypotheses
On the above chart I investigated the relationship and continuation of 'waves' within the Fibonacci Circle. Due to its incredible success, I decided to look over it again.
On this chart I show very comparable formations (formation 1) (formation 2)
Formation 1 is contained within 0.786, while formation 2 extends through the 1 level
Applying the same Logic with the continuation through 2.618, the bars pattern placed is price inverted from previous move through 2.618
The Weak (form) Market Hypothesis suggests " that today’s stock prices reflect all the data of past prices and that no form of technical analysis can be effectively utilized to aid investors in making trading decisions."
I find this interestingly applicable to this scenario, with repeated formations, in repeating fib levels.
Interesting Fib Circle PeaksOn this chart it can be seen that Fib circles correspond to opposite peaks within the current uptrend (red ovals)
I'm not sure of the correlation and causation of this, but it is pretty cool to see
Price will likely continue up through the channel placed