This is a deep analysis on Fibonacci retracements, Korea Volume , Futures closings, Tether, CNBC and why I believe that $7500 is the most critical point for Bitcoin 1.47% all year and if we break it, we are moving into a strong bull market and if we fail to break it, we will head back down towards the $5800 levels and possibly lower.
Bitcoin (BTC) Price Today – BTC / USD
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There is a significant fractal appearing that I have found that shows Bitcoin 1.47% either being rejected soon, or moving into a strong bullish market.
Bitcoin Facing Biggest Test All Year… (Mind blowing analysis) by jacobcanfield on TradingView.com
Let’s dig into the Fibonacci fractal evidence first.
KEY:
RED = Swing Low
ORANGE = .618 From Previous Fib
GREEN = Current .618
FRACTAL 1:
Let’s start with the all time high to the swing low:
Top: $19908
Bottom: $10711
.618 = $16395
Fractal 2:
Top: $15664
Bottom: $6044
.618 = $11989.4
Going off of the .618 line and the swing low at $6044, we can see that the price pulled back to within the 1-2% of the .618 level.
FRACTAL 3:
Top: $11989
Bottom: $6439
.618 = $9869
Fractal 3, using the same level from the prevoius .618 to the swing low, we can see that price pulled back to exactly the .618 level at $9869
—–
FRACTAL 4:
Top: $9869
Bottom: $5766
.618 = $8300
Fractal 3, using the same level from the prevoius .618 to the swing low, we can see that price pulled back to exactly the .618 level at $8300
—
NOTE: You can also use $10,000 for an exact .618 pull back.
FRACTAL 5:
Top: $8504
Bottom: $5857
.618 = $7493
If we then apply the same fractal we’ve been using and draw it from the top to the bottom ($8504 – $5857), then we can see a pull back to the .618 level at $7496 is highly likely.
This also coincides with a rising wedge and a rising bull channel .
This is also a confluence of the downtrend that has rejected Bitcoin 1.47% all year at the .618 levels that I have just previously demonstrated.
(Pardon all the lines.)
So the real question is….
Did Bitcoin 1.54% Bottom at $5778?
If you draw an impulse from where the bull market started back in July ’17, we can see that Bitcoin 1.54% has perfeclty hit the .786 pull back from the top.
This was also the EXACT point of the Bitcoin 1.54% bull run that took us from $6,000 to $20,000.
CONCLUSION:
In my opinion, we are at the most critical juncture for Bitcoin 1.54% all year.
With Korean volume coming back, the cross over on the MACD weekly and a possible short squeeze, I think we may finally see an end to the .618 pull back and it will break the down trend and print the first higher low all season.
We are also seeing a significant amount of Tether being sent to Bitfinex.
With the bullish move, we may see Bitcoin 1.54% print one of the largest candles for 2018 and move to the $9000-$10000 levels.
I will be hedging both ways as we will be seeing a massive candle either way in my opinion.
Thanks for reading my analysis and may Satoshi bless all of your bags.
