$BTC - The Secret Weekly Fibonacci Chart Tells All!
We can see that BTC has been in an incredibly strong uptrend on the weekly making higher highs and higher lows, but for the first time since the plandemic dump, we can see that this weekly uptrend is showing its first signs of weakness!
If BTC closes a weekly candle below the prior weekly low at $32,275, then I suspect we'll see downward price action in the coming weeks to months.
Closing below the prior weekly low is definitely one of the criteria I have for calling a macro reversal, so I am keeping a very close eye on this area.
--
After much analysis, I believe I finally found the secret weekly Fibonacci levels!
On the lower time frame charts, we can see that price was holding support at the weekly 236 Fibonacci for some time before plummeting all the way down to the 618 Fibonacci.
As soon as price hit the 618 Fibonacci it snapped right back up to the 382 Fibonacci!
The buying pressure I am seeing thus far is bullish, but I am waiting with baited breathe to see where the weekly candle 'closes' (if the bulls can hold critical support levels)!
After seeing the weekly candle closure, I'll have a much better idea of where price is headed.
I am looking at any weekly close above the weekly 382 Fibonacci as MASSIVELY bullish for macro price action!!! Like say hello to 70K-100K+ BTC - over time - bullish!!!
I am also looking at any weekly close above the prior weekly low as 'generally' bullish.
Conversely, if price wicks below the current wick low at $28,866, the I suspect price will test the next strong support zone around $35,000.
Succinctly, it appears this major drop in price will be regarded as a 'major opportunity' to acquire cryptos at a very low price! However, if price shows weakness and closes a weekly below the prior weekly low, then this bullish run-o-fun may quickly come to an end!
---
Guide to My Charts
-The purple horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
If BTC closes a weekly candle below the prior weekly low at $32,275, then I suspect we'll see downward price action in the coming weeks to months.
Closing below the prior weekly low is definitely one of the criteria I have for calling a macro reversal, so I am keeping a very close eye on this area.
--
After much analysis, I believe I finally found the secret weekly Fibonacci levels!
On the lower time frame charts, we can see that price was holding support at the weekly 236 Fibonacci for some time before plummeting all the way down to the 618 Fibonacci.
As soon as price hit the 618 Fibonacci it snapped right back up to the 382 Fibonacci!
The buying pressure I am seeing thus far is bullish, but I am waiting with baited breathe to see where the weekly candle 'closes' (if the bulls can hold critical support levels)!
After seeing the weekly candle closure, I'll have a much better idea of where price is headed.
I am looking at any weekly close above the weekly 382 Fibonacci as MASSIVELY bullish for macro price action!!! Like say hello to 70K-100K+ BTC - over time - bullish!!!
I am also looking at any weekly close above the prior weekly low as 'generally' bullish.
Conversely, if price wicks below the current wick low at $28,866, the I suspect price will test the next strong support zone around $35,000.
Succinctly, it appears this major drop in price will be regarded as a 'major opportunity' to acquire cryptos at a very low price! However, if price shows weakness and closes a weekly below the prior weekly low, then this bullish run-o-fun may quickly come to an end!
---
Guide to My Charts
-The purple horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.