MASSIVE Move incoming for Crypto Part II - BITCOIN (BTC)
Updated
Okay btc, what're you made of? This will be the third time we've tested the Fib resistance now, looks ready to break out to me. I think a lot of people are expecting a retracement that doesn't seem to want to happen.
In our last analysis, we highlighted the long term fib chart, showing that previous channel resistance (Spring 2017) was tested as support at the end of this bear market. That proved key in being able to predict the violence of a breakout.
Now, we have had a long period of consolidation, grinding against another key resistance level. Hit our 127% extension from the pump. Then completed a smaller 62% retracement that seemed quick to act as support. Bitcoin only has two places to go, and I really think the market is hungry for another move already. Now approaching the .618 Fib Time zone (14 May 2019) remember that we had a strong reaction to the .382, I would imagine the .618 will be even stronger an influence. That can be bearish or bullish, it depends how we look going into it.
The 12H, has some room, but the 4H seems ready now. It's quite soon for another move, so I will keep an eye on this. If you aren't long already, taking a position here is slightly more risky as we have no confirmation of a breakout and likely won't get it for a little more time.
Of course, I've been long for some time now after we completed our ABCD retrace, shown here:
Part I of Analysis:
Take a look at this as well:
In our last analysis, we highlighted the long term fib chart, showing that previous channel resistance (Spring 2017) was tested as support at the end of this bear market. That proved key in being able to predict the violence of a breakout.
Now, we have had a long period of consolidation, grinding against another key resistance level. Hit our 127% extension from the pump. Then completed a smaller 62% retracement that seemed quick to act as support. Bitcoin only has two places to go, and I really think the market is hungry for another move already. Now approaching the .618 Fib Time zone (14 May 2019) remember that we had a strong reaction to the .382, I would imagine the .618 will be even stronger an influence. That can be bearish or bullish, it depends how we look going into it.
The 12H, has some room, but the 4H seems ready now. It's quite soon for another move, so I will keep an eye on this. If you aren't long already, taking a position here is slightly more risky as we have no confirmation of a breakout and likely won't get it for a little more time.
Of course, I've been long for some time now after we completed our ABCD retrace, shown here:
Part I of Analysis:
Take a look at this as well:
Note
Remember that, a retracement on the daily still points as low as 4250, just keep this in mindNote
we broke out =)
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