It has been a while since I posted a chart and waters aren't as clear as they were to me pre-2016. Instead I'm sharing this crazy scenario which I've held and updated privately on TV for like 6 months.
BTC has been in a slow uptrend for about a year now and all is looking awfully similar to the period of 2012 - 2013. Price movement structure, fibonacci time zones and trend lines are all lining up. Weekly RSI hit base.
Now this could be outer forces messing with us or something and go down in flames, but in case this plays out we might be looking at 15k or more in February.
Closing above the lower yellow and red trend lines this year would be setting direction towards new ATHs at least.
Side notes - The top orange trend line is setup on the tops of $31.91 and #259.34. - Every line drawn is linked to a large amount of touches and set on exact prices
Good luck!
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PRPS
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Interesting. What are the numbers at the bottom of the chart [not the dates obviously]. Thanks
Slot
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Hey PRPS, it's the Fibonacci time sequence - stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_time_zones . 89 in my chart is the last number of a time sequence, so I actually added four of them. The first pair reflecting the period of 2011-2013 and the second pair to reflect 2015-2017, I've set the pairs up in exactly the same way.
You can see similar behavior around the 21's in 2012 and 2016 and we're now moving into the 34 territory.
They indicate possible price turning points and I usually set them up in the beginning of a trend and match the lines with historical tops/bottoms.
PRPS
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So you can set fibs horizontally then? If so - wow! that just blew my mind a bit.. almost everyone I've EVER EVER EVER heard of/ listened to has only EVER charted vertically. So simple... yet so logical. Wow!
Slot
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Haha, yes you can. All Fibonacci tools share the same sequential concept of Phi / Golden Ratio, just visualized differently. I don't read too much into though since price may behave similarly but never the same, I always combine it with a multiple of other factors / events.