Bitcoin is still in parabolic move, next target $16K if ...
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A long time ago, I drew a Fib Circle for BTC Long - Short chart and I have kept tracking it. So, far it has played out very well and we are on track (still following those Fib Circles).
Right now the BTC long-short is heading down and this is a bullish sign as Long/short or long-short chart is known as a reverse indicator. That means, when the majority of people think we go down we will actually go up and vice versa! I know it sounds very crazy but it is a fact!
My guess is the Long-short chart keeps moving down towards the next Fib Circle and will bounce back up. Note that I am talking about the overall trend move and not a short-mid term trend.
In addition, after the short correction we had on June 27th, we are moving sideways so far (check out smaller time scales like 3-4 hr charts). If we keep moving sideways for the next 2-3 days, I will be VERY bullish and will buy in that dip too (I have already bought in around 11k). If that plays out and we break previous highs ($12,900-$13,000, the close price on June 26th. Note that this number is exactly the next pitchfork level, the light purple line) our next probable target will be around $16,000. This number is the 78.6% retracement level (green line) as well as the middle of next pitchfork channel (the dash line).
Also, take a look at the similarities between current move and previous moves in both price actions and Stochastic RSI (note that the current move is faster and shorter. As we get closer and closer to the top, the cycles are getting shorter and shorter in a parabolic move.)
Good Luck.
A long time ago, I drew a Fib Circle for BTC Long - Short chart and I have kept tracking it. So, far it has played out very well and we are on track (still following those Fib Circles).
Right now the BTC long-short is heading down and this is a bullish sign as Long/short or long-short chart is known as a reverse indicator. That means, when the majority of people think we go down we will actually go up and vice versa! I know it sounds very crazy but it is a fact!
My guess is the Long-short chart keeps moving down towards the next Fib Circle and will bounce back up. Note that I am talking about the overall trend move and not a short-mid term trend.
In addition, after the short correction we had on June 27th, we are moving sideways so far (check out smaller time scales like 3-4 hr charts). If we keep moving sideways for the next 2-3 days, I will be VERY bullish and will buy in that dip too (I have already bought in around 11k). If that plays out and we break previous highs ($12,900-$13,000, the close price on June 26th. Note that this number is exactly the next pitchfork level, the light purple line) our next probable target will be around $16,000. This number is the 78.6% retracement level (green line) as well as the middle of next pitchfork channel (the dash line).
Also, take a look at the similarities between current move and previous moves in both price actions and Stochastic RSI (note that the current move is faster and shorter. As we get closer and closer to the top, the cycles are getting shorter and shorter in a parabolic move.)
Good Luck.
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