Quick post to map some possible support zones on Hourly. Pullback is already under way, and 1st support was Pinged. Based on the reactions thus far, I think 7200 test is likely.
7450 remains the critical "line in the sand" for trend direction. 7350 would be an excellent support to hold and launch next wave. 7215 seems likely to be hit, and it should bounce fast and strong.
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Part of my ongoing Bitcoin analysis, been hitting every important turn (click):
<= Fib within 1 dollar <= Just in Time! <= Fib within 20 cents! <= Still Plausible <=Perfect TP <=EXACT 2018 bottom
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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تعليق
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Perfect Ping
Very nice reaction at the exact Zone that I hoped would bounce it
Zoom in (3 min) for a closer look at the bounce reveals a PERFECT Ping and it bounced into the support zone above which is now acting as resistance.
Last leg down defined a new fib (purple) which in conjunction with the existing red 5.236 defined a new support I had that red 5.236 on chart, but discounted it because it was my itself at the time. Now with the new wave downward, it added another resonance point (purple 3.236) which joined the red 5.236.
Thus the process: - Plot each wave/fib available. - Add new fibs when a new wave occurs. - Compare with existing fibs for any new zones to add, or old zones to adjust.
DOH , missed my limit buy by less than $3 hahah. Nice chart as usual mate
btc_pizza
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It's a very difficult situation for the first time I'm confused
I hit 7600
But I'm not sure about shopping in Ibn-e-Zayh
I guess we'll fall to 5500
On the other hand, I expect a jump to 7900
ThankUKind
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@btc_pizza, I think both those numbers a plausible. If we drop below 7080 on this decent it will look pretty bearish and I will be hunting a short.
thickbigboss
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I know btc is not predictable, but i missed the opportunity on 6400 to get in and now I'm desperately hoping to see that range again
thickbigboss
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Do you think we'll see 6000 - 6500 anytime soon???
EuroMotif
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@thickbigboss, $7450 is the key from my perspective.
We just now rejected from it, and still the battle is there.
If below 7450 and confirmed one more time as resitance, then 6k's are very possible IMO.
If above 7450 and confirmed as support, it will be very hard to come back to the 6xxx area.