$26 Short & $37 Long | Fibonacci Circles and Times
This chart is a little cluttered so bear with me as I break it down into its 4 major components, which show why I believe we are headed to ~$26 before seeing our target of ~$37 over the next week.
Our target of ~$26 on 10/14 has a lot of confluence (Pink Mark 3, Fib Circle 1 - Arc 2.61, Fib Circle 2 - Arc 1.61) which is generally a sign of big reaction. Furthermore, at this point ~$26 we have a strong support which should hold as its been tested once already and showed strong reversal. Our next target of ~$37 on 10/17 also has a lot of confluence along the way and we'd expect to see a strong bounce after hitting the monthly low. Resistance is expected at $31 and $34 along the way and may stop or slow our upwards trend; however, I believe the final target is likely.
** Comments and critiques always welcome especially contrasting analysis ideas
** @CAG_CryptoTA
- Blue Fib Time Zone 1 (10/2 - 10/5): We see the price react accordingly at the 2 and 3 Fib marks with the 5 mark lining up with the 5 mark of the Pink Fib Time zone on 10/17
- Pink Fib Time Zone 2 (10/9 - 10/11): Our predictive Fib lines. We are at mark 2 and are looking for a decrease until we hit mark 3.
- Transparent Fib Circles 1 (10/2 - 10/9): From the highest high to the lowest low from 10/2. The next arc, 2.61 arc, lines up with Pink mark 3 which is our target price of $26.
- Opaque Fib Circles 2 (10/8 - 10/14): From 2nd highest high to the target low of $26 on 10/14. We are exiting the .768 with our next major arc being the 1.618 arc, which also lines up with our $26 target.
Our target of ~$26 on 10/14 has a lot of confluence (Pink Mark 3, Fib Circle 1 - Arc 2.61, Fib Circle 2 - Arc 1.61) which is generally a sign of big reaction. Furthermore, at this point ~$26 we have a strong support which should hold as its been tested once already and showed strong reversal. Our next target of ~$37 on 10/17 also has a lot of confluence along the way and we'd expect to see a strong bounce after hitting the monthly low. Resistance is expected at $31 and $34 along the way and may stop or slow our upwards trend; however, I believe the final target is likely.
** Comments and critiques always welcome especially contrasting analysis ideas
** @CAG_CryptoTA
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