A Potential Bottom Scenario for Bitcoin.
BITCOIN MACRO TREND ANALYSIS
A little while back we saw a post on Twitter of a Fibonacci Fan traced across the
USDT.D (The USDT Dominance chart) and noticed some very interesting peculiarities: most of the Fibonacci levels when touched indicated Bitcoin's bottoms/tops during various bulls and bear cycles over the last years.
With that in mind we traced it ourselves and started analysing it accordingly.
With the more recent dilemma on "will go down? will it hold the 200WMA/300WMA area?" we started to see a familiar pattern forming on our chart. We'd wicked over the 0.382 resistance line and tagged our channel's upper band resistance line. we did not touch 0.5, but historically we've seen that bitcoin has hardly ever gone past the 0.5 line, however here we were almost close enough to touch it but were followed by a weekly rejection and opened below the 0.382 line again.
Since then, Bitcoin has started to showcase a bit of a recovery while hovering around the 19-21k area.
Could we consolidate around these levels? That's certainly a possibility. It's unsure whether we'll be going up anytime soon but it appears that for the time being the worst has passed (hopefully).
Looking at our charts these levels appear to be a relatively safe area and not to exclude a possibility of a bottoming scenario.
Again, this is yet to be seen, but it is always important to study historical data and find converging points of data.
Follow us for more posts like these in the future.
Stay tuned and trade safe,
TradingMaster
A little while back we saw a post on Twitter of a Fibonacci Fan traced across the
USDT.D (The USDT Dominance chart) and noticed some very interesting peculiarities: most of the Fibonacci levels when touched indicated Bitcoin's bottoms/tops during various bulls and bear cycles over the last years. With that in mind we traced it ourselves and started analysing it accordingly.
With the more recent dilemma on "will go down? will it hold the 200WMA/300WMA area?" we started to see a familiar pattern forming on our chart. We'd wicked over the 0.382 resistance line and tagged our channel's upper band resistance line. we did not touch 0.5, but historically we've seen that bitcoin has hardly ever gone past the 0.5 line, however here we were almost close enough to touch it but were followed by a weekly rejection and opened below the 0.382 line again.
Since then, Bitcoin has started to showcase a bit of a recovery while hovering around the 19-21k area.
Could we consolidate around these levels? That's certainly a possibility. It's unsure whether we'll be going up anytime soon but it appears that for the time being the worst has passed (hopefully).
Looking at our charts these levels appear to be a relatively safe area and not to exclude a possibility of a bottoming scenario.
Again, this is yet to be seen, but it is always important to study historical data and find converging points of data.
Follow us for more posts like these in the future.
Stay tuned and trade safe,
TradingMaster
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