BTCUSD Bitcoin's next price move? @cdschultheis turned me on to using Tradinview's Fibonacci Retracement Tool to measure BTC's movement. He's got great analysis!
Logical Steps
1. A normal scale doesn't work with something moving at larger and larger intervals. You need to measure it with something that scales the same way BTC scales.
- A great post is @lewisglasgow 's post on it being Logarithmic -
2. Fibonacci is a way to measure Support and Resistance based on previous movements.
I had posted something before and would like to add to it. When drawing a Fib Retracement, the points must be drawn in a downward TREND. By doing it in this way, this method predicted the move to 16,600, and makes the entire system more accurate.
- Previous Post steemit.com
BTC may hit 5.618 or 6.618, DEPENDENT
1. How you draw it
2. The current cycle NOT becoming a trend.
- If it does become a trend, you would just redraw the retracement.
Note: BTC does respect USD amounts - The movement at $10,000 is one brought about by the way investors (especially inexperienced) will put stop losses/take profits at whole numbers.
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