Based off a long term fib channel I found on BTC's log chart, I see the next week playing out in one of three ways based on BTC's historical price action.
Here's the channel on the daily,
1. (Green) As we can see in the past, sometimes when a fib line is breached this quickly and steeply, we can actually see it bounce back up and find some support/resistance at the level is just broke through. This is our most optimistic short/mid-term hope. examples:
and
2. (Orange) We may see it play around in the middle of the channel for a bit, before falling to find real support around 6-6.5k. Unfortunately though, if we play around the orange box for too long, I find extremely unlikely that it will then shoot back up. Historically, bitcoin never really finds a solid reversal in the middle of a channel, unless it's sharp spike as laid out in option 1. Though with bitcoin, absolutely anything is possible.
3. (Red) This crash could just continue without slowing, something I personally wouldnt place any bets on as at least for the short time, the bears seem to be losing some steam. However it's a real possibility, and should it play out, we may not see it straight up find support at the next fib line, but rather, its possible we'll form a scenario similar to option 1. Where it briefly dips below due to panic selling, but quickly rebounds to the fib line in the red box.
Do you guys see any other possibilities? Which one are you betting on?
Here's the channel on the daily,
1. (Green) As we can see in the past, sometimes when a fib line is breached this quickly and steeply, we can actually see it bounce back up and find some support/resistance at the level is just broke through. This is our most optimistic short/mid-term hope. examples:
2. (Orange) We may see it play around in the middle of the channel for a bit, before falling to find real support around 6-6.5k. Unfortunately though, if we play around the orange box for too long, I find extremely unlikely that it will then shoot back up. Historically, bitcoin never really finds a solid reversal in the middle of a channel, unless it's sharp spike as laid out in option 1. Though with bitcoin, absolutely anything is possible.
3. (Red) This crash could just continue without slowing, something I personally wouldnt place any bets on as at least for the short time, the bears seem to be losing some steam. However it's a real possibility, and should it play out, we may not see it straight up find support at the next fib line, but rather, its possible we'll form a scenario similar to option 1. Where it briefly dips below due to panic selling, but quickly rebounds to the fib line in the red box.
Do you guys see any other possibilities? Which one are you betting on?
Bình luận:
So far it actually looks like we'll be following option 1 if this momentum doesnt slow down! Look to the related post below to watch smaller support levels,
Bình luận:
Still perfectly on track for option 1. I won't lie, im pretty impressed with the Bulls! Though on smaller time frames i do see why one could say the bulls are running out of steem, on this larger time-frame chart i just cant see it doing anything other following option 1 at this point, it would just be an unprecedented move for BTC, tho we are in the time of bitcoin doing crazy stuff so...