Strong Fib Retracement, two major trend lines holding
I've been trying to see what it is that is causing our price movement and I suspect we are seeing some self fulfilling TA prophecy here.
First I added a Fibonacci Retracement to the chart. I've noticed that each time we spiked down recently we touched a trend line, which if you notice it correlates quite eerily close to the 100%, 78%, 61% and 50% lines in the retracement. I highlighted each of them in pink showing the support trend bounces.
The other odd coincidence is that we see a 9512 resistance from our recently local high since the earlier high to 9763. This corresponds quite nicely with a 23% fib line.
The only untouched bounce (although we have passed through it now many times up and down) is the .38% which tightly corresponds with the intersection of our down trend and uptrend.
I'm not seeing that Bollinger bands are helping much like they were a few weeks ago, when we saw low volume and tight constriction before our market manipulating pumps and dumps. It's impossible to predict what is going to happen here if and when volume shows up. I am biased as I am long, so I may be projecting what I want on the chart.
I have noticed the last 2-3 dumps have been responded to with returns to the .5-.38 fib line which hints that we have strong support down there and the bulls will overcome the bears in this particular scenario. All will be told within 1 24hr hour period. I'm considering a stop loss on the next cycle above 9200 for all recently acquired longs.
Given I am not a leverage trader, I am willing to hold my position for a few weeks / months if necessary as I still believe we are long term bullish for BTC as an asset. Given that isn't helpful for day traders, it seems we are in no man's land for now and taking a position at this moment for BTC would be about as safe as flipping a coin. There is not a single hint on the chart to imply which will happen.
Even RSI is hovering just under 50 on average, but at the moment it is under 40. The last thing to focus on is our 50, 100 and 200 EMA's which are all tightly centered and aiming for that 9320 mark which seems to be what everything else is aiming for.
Countdown begins now.
First I added a Fibonacci Retracement to the chart. I've noticed that each time we spiked down recently we touched a trend line, which if you notice it correlates quite eerily close to the 100%, 78%, 61% and 50% lines in the retracement. I highlighted each of them in pink showing the support trend bounces.
The other odd coincidence is that we see a 9512 resistance from our recently local high since the earlier high to 9763. This corresponds quite nicely with a 23% fib line.
The only untouched bounce (although we have passed through it now many times up and down) is the .38% which tightly corresponds with the intersection of our down trend and uptrend.
I'm not seeing that Bollinger bands are helping much like they were a few weeks ago, when we saw low volume and tight constriction before our market manipulating pumps and dumps. It's impossible to predict what is going to happen here if and when volume shows up. I am biased as I am long, so I may be projecting what I want on the chart.
I have noticed the last 2-3 dumps have been responded to with returns to the .5-.38 fib line which hints that we have strong support down there and the bulls will overcome the bears in this particular scenario. All will be told within 1 24hr hour period. I'm considering a stop loss on the next cycle above 9200 for all recently acquired longs.
Given I am not a leverage trader, I am willing to hold my position for a few weeks / months if necessary as I still believe we are long term bullish for BTC as an asset. Given that isn't helpful for day traders, it seems we are in no man's land for now and taking a position at this moment for BTC would be about as safe as flipping a coin. There is not a single hint on the chart to imply which will happen.
Even RSI is hovering just under 50 on average, but at the moment it is under 40. The last thing to focus on is our 50, 100 and 200 EMA's which are all tightly centered and aiming for that 9320 mark which seems to be what everything else is aiming for.
Countdown begins now.
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