At The Breaking Point - Return To Fib Log Growth Curves
Updated
I thought I would update my previous posts on the Fibonacci Log Growth Curves that seem to predict support and resistance zones quite well.
Bitcoin has been on a tear and we all want to know if it will:
1) Fall back to major support at Fib 0%
2) Pull back then try again to break Fib 50%
3) Keep going up to Fib 100%
I have drawn out the 3 scenarios on the chart. It is important you scroll back through the chart to see how Bitcoin reacted to the Fibonacci 50% level in the past. You will notice in 2017 it broke through Fib 50% then fell back and gathered more steam to try again and it hit almost 20k in 2017. This is my scenario #2.
Also note I am using a 19 Week MA (orange line) that tends to act as better support than the 20 week or 21 week MA. Scroll back and see if I'm right.
Bitcoin has been on a tear and we all want to know if it will:
1) Fall back to major support at Fib 0%
2) Pull back then try again to break Fib 50%
3) Keep going up to Fib 100%
I have drawn out the 3 scenarios on the chart. It is important you scroll back through the chart to see how Bitcoin reacted to the Fibonacci 50% level in the past. You will notice in 2017 it broke through Fib 50% then fell back and gathered more steam to try again and it hit almost 20k in 2017. This is my scenario #2.
Also note I am using a 19 Week MA (orange line) that tends to act as better support than the 20 week or 21 week MA. Scroll back and see if I'm right.
Note
Today is May 12, 2022, some 17 months after I write this article.In the past 3 days we see the BTC price fall through the bottom of the Fib support level indicating a major correction. The last time it did this was March 2020.
If we can pick the bottom, it is where most of the profits will be made. Be ready with a fist full of money in which to buy. :-)
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