What you see here is a completed 70.5% retracement from the start of our last dip ($9000) to our bottom ($6000). They are important signals for reversal/continuation and are Optimal Trade Entries (OTE).
There's also a TD9 on the 4 hour chart, which has absolutely rekt us every single time in this dip.
70.5% retracements have 2 major targets - one at the 100% fib ($6000) and one at the 1.618 fib (4000-4500$ depending on the exchange.
Now it's not a certainty that this will happen, but I can at least point you to one 70.5% retracement we all remember:
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Here's another backtest with another perfect 70.5% retrace and a perfect 1.618fib target (our current bottom!):
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Small update!
The past week has been very solid for me - I 3x'ed my bitmex acco96unt by swingtrading. I recognized the top around 9100 and sold everything to fiat + opened shorts around 8800. The possibility that we go down below 6K is there and very realistic. But in case we do go manage to bounce between 7200-7600 and then close a daily candle above 9200-9500, we have to account for the possibility that we will make a new high around 12k.
I did find an interesting fractal just now that I wanted to share:
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I found a possible bullish case on bitcoin, called a descending scallop. entry would be at 50% retrace (7500) with a target at 1.618fib (11k).
The situation has change, the FUD disolved into fear for the stock market and some good news; including SEC report, lightning network etc...
e could see 7 k i think but i doubt we would go below that, but again this is crypto everything may happen! ;=)
e could see 7 k i think but i doubt we would go below that, but again this is crypto everything may happen! ;=)