As the title says... BTC is currently encapsulated in a Fib Circle. I expect to move around the Turquoise & Blue Circle for a while. Breaking 9000 and staying there would be a good bull run confirmation for me.
We shall see how it develops. For now... it will bounce between those circles.
It will be interesting to see if it bounces off the red arc.. and if it does, I'll wonder where you got it from :)
reynar
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@arthax0r, The Big Red Arc is from the Fib Circle starting in December-January.
It might not bounce *exactly* on it, but it acts as a strong support right now.
As you can see, it dropped below it a few days ago only to pursue it again.
lazytrade
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What makes you think so, and how do you choose a center for a fib circle study?
reynar
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@arthax0r,
Look at the outer circles. Whenever the price entered a new area, it changed it's behavior.
Regarding the recent price: Observe the pump breached the turquoise circle and hit the blue one - then stopped.
Afterwards it remained "trapped" between those two points of resistance and support.
And I'm not setting the fib circles the conventional way.
This circle was setup 2 weeks ago, and it fit almost perfectly (with a slight $200 deviation)
It is my own technique that I call "Fib Circle Triangulation" - you can look it up here:
@reynar, Thanks.. I have only seen one other good Fibonacci circle pattern, but I didn't really understand why it fit so well. I'm looking at the longer term pattern from a trend line perspective and .. if it sticks to your pattern.. it will invalidate mine...fortunately, we're going to find out pretty quick which way it goes. :)
reynar
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@arthax0r, Seen it where?
And sorry I forgot to say: I'm choosing the center based on resistance and support patterns.
If you look at the price, you can see that most of the time it resembles a circle at some point of another.
I'm looking for 3 points of validation (support and resistance) before I place the circle, so I get a bit of science in the mix.
lazytrade
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@reynar, I played with the tool once and found a pattern.. but I didn't know why or how I could have found it intentionally :)
reynar
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@arthax0r, Also, I'm not saying it will go UP.
I'm saying that it will move inside this circle.
I saw something similar a month back, and it went down went it reached the middle of the arc of the circle.