Could this be IT?! might be my most important TA so far.
Ok this might get a little messy but bear with me.
*pun intended*
This time there's nothing too fancy, no special lines and no special indicators.
Just basic supports / resistances and fibs.
First of all lets go from to to bottom with fibs.
In rectangle no' 1, we pull from swing high to our first pivot after the fall. as we can see, we retrace up all the way to a little more than 17k in 3 waves.
We move past our golden zone which is the most likely target the a trend will correct to (our first support for a swing is the 0.5 and then the golden pocket \ golden zone).
But we hold above it only for one day before falling back down exactly to our second algo target, (the red line that says -0.5 next to the green box (our first algo target was the green line that has -0.236 next to it but we clearly broke that resistance)).
This indicates that we could have finished the first downtrend swing.
After were done with the first swing, we pull the fib again from our last major top pivot to the pivot that reached all the way to our algo target in the last swing,
this will be the fib inside rectangle no' 2.
Here we can clearly see the we retraced back up all the way almost exactly to the 0.5 (red line), creating some sort of a double top and falling back down into the big triangle we all looked at this entire year while having a constant support at the green rectangle around 6k.
now what does this have to do with the current price?
take a look at the first algo target we have for this swing's fib.
I remind you that our first algo target after we finish a trend is the -0.236 line and after that its the -0.5 line.
the algo target from that fib ended up exactly were we started to possibly reverse. we got a reaction at that point for sure.
Were skipping to the major fib now for a second.
we need to check something over there.
now lets take a look at this latest big swing that we had last year. all the way from under 1000$ to almost 20K$.
We pull the fib from swing low to swing high, we can see that we broke all our supports from the 0.5 to the golden zone and even the 0.786.
BUT! we see that our last chance for redemption has saved us. the fib's 0.854 to 0.887 zone. at least for now...
Something I found out this year is that alot of the coin's major trends found support at that fib level. and while it did hold up and caused some kind of a new bullish trend, we are still in a bear market and all coins obey the king BTC.
So not only that we got some sort of support there that created a falling wedge which is a bullish pattern, we spiked up and broke above that!
now what does it has to do with the previous swing's fib we talked about?
look where the previous fib's algo target is and how it aligns with the big fib we just drew?
we just got supported from one major support and one algo target that could have caused a lot of trading bots to start enter the market or open longs again.
but we are not fully out of danger, we will have to see if this spike can become a long trend and not just a minor correction.
before I go all bullish on
XBTUSD I want to see us break up the old trending line that acts as resistance and soon hopefully break above our old friend, the 6k resistance.
If this infact cause us to start a bullish trend that will carry out like other algo trends work. we could possibly see 24K BTC in the coming future.
keep in mind that we wont go straight to that target, we will have our ups and downs but that over all trend would be bullish and reach anew ATH.
That's it from me today,
I will watch the price closely and see what the future holds.
Have an amazing day and an amazing week.
*pun intended*
This time there's nothing too fancy, no special lines and no special indicators.
Just basic supports / resistances and fibs.
First of all lets go from to to bottom with fibs.
In rectangle no' 1, we pull from swing high to our first pivot after the fall. as we can see, we retrace up all the way to a little more than 17k in 3 waves.
We move past our golden zone which is the most likely target the a trend will correct to (our first support for a swing is the 0.5 and then the golden pocket \ golden zone).
But we hold above it only for one day before falling back down exactly to our second algo target, (the red line that says -0.5 next to the green box (our first algo target was the green line that has -0.236 next to it but we clearly broke that resistance)).
This indicates that we could have finished the first downtrend swing.
After were done with the first swing, we pull the fib again from our last major top pivot to the pivot that reached all the way to our algo target in the last swing,
this will be the fib inside rectangle no' 2.
Here we can clearly see the we retraced back up all the way almost exactly to the 0.5 (red line), creating some sort of a double top and falling back down into the big triangle we all looked at this entire year while having a constant support at the green rectangle around 6k.
now what does this have to do with the current price?
take a look at the first algo target we have for this swing's fib.
I remind you that our first algo target after we finish a trend is the -0.236 line and after that its the -0.5 line.
the algo target from that fib ended up exactly were we started to possibly reverse. we got a reaction at that point for sure.
Were skipping to the major fib now for a second.
we need to check something over there.
now lets take a look at this latest big swing that we had last year. all the way from under 1000$ to almost 20K$.
We pull the fib from swing low to swing high, we can see that we broke all our supports from the 0.5 to the golden zone and even the 0.786.
BUT! we see that our last chance for redemption has saved us. the fib's 0.854 to 0.887 zone. at least for now...
Something I found out this year is that alot of the coin's major trends found support at that fib level. and while it did hold up and caused some kind of a new bullish trend, we are still in a bear market and all coins obey the king BTC.
So not only that we got some sort of support there that created a falling wedge which is a bullish pattern, we spiked up and broke above that!
now what does it has to do with the previous swing's fib we talked about?
look where the previous fib's algo target is and how it aligns with the big fib we just drew?
we just got supported from one major support and one algo target that could have caused a lot of trading bots to start enter the market or open longs again.
but we are not fully out of danger, we will have to see if this spike can become a long trend and not just a minor correction.
before I go all bullish on
XBTUSD I want to see us break up the old trending line that acts as resistance and soon hopefully break above our old friend, the 6k resistance.If this infact cause us to start a bullish trend that will carry out like other algo trends work. we could possibly see 24K BTC in the coming future.
keep in mind that we wont go straight to that target, we will have our ups and downs but that over all trend would be bullish and reach anew ATH.
That's it from me today,
I will watch the price closely and see what the future holds.
Have an amazing day and an amazing week.
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