At the time around June 11, we saw new highs in bitcoin. These did not stay long because of the fears of the hardfork pressing on the system and scaring traders away from buying. This resulted in the market top and a decline of close to 38% until the hardfork kicked in and all was well, sending bitcoin back to the moon.
I believe we may see this pattern form once again. In June this is what we saw.
Starting with the chart meeting a Fibonacci timezone.
A new high at 2460, with a mild retracement and back up to new highs at 3040, then we see a pattern. A pullback down to .382/.236 level, break up again past the .236 with less volume than the prior selling, consolidation along the .236 without enough volume to break above previous highs, a drop down to the .5 matching previous support and resistance, and finally a move back up to test and later break above previous highs. All the while, news of the hardfork was placing pressure on price.
Now we have the same pattern emerge.
Again, Starting with the chart meeting a Fibonacci timezone.
A new high at 4245 with a mild retracement and back up to new highs at 4990. The pattern can happen the same, a pullback down to .382/.236, back up to test .236 (a break above 0 will all depend on volume). Hopefully see can see a drop lower in the same way as in june with a drop down to the .5 level testing the 3410 area. THIS WOULD BE A GREAT BUYING OPPORTUNITY. Then up higher in the same way as before, testing and retracing the Fibonacci levels until we see new highs.
The pattern has remained in the same gann fan for quite some time so a move outside of it could be dangerous, or just an even better buying opportunity.
To The Moon. #HODL
I believe we may see this pattern form once again. In June this is what we saw.
Starting with the chart meeting a Fibonacci timezone.
A new high at 2460, with a mild retracement and back up to new highs at 3040, then we see a pattern. A pullback down to .382/.236 level, break up again past the .236 with less volume than the prior selling, consolidation along the .236 without enough volume to break above previous highs, a drop down to the .5 matching previous support and resistance, and finally a move back up to test and later break above previous highs. All the while, news of the hardfork was placing pressure on price.
Now we have the same pattern emerge.
Again, Starting with the chart meeting a Fibonacci timezone.
A new high at 4245 with a mild retracement and back up to new highs at 4990. The pattern can happen the same, a pullback down to .382/.236, back up to test .236 (a break above 0 will all depend on volume). Hopefully see can see a drop lower in the same way as in june with a drop down to the .5 level testing the 3410 area. THIS WOULD BE A GREAT BUYING OPPORTUNITY. Then up higher in the same way as before, testing and retracing the Fibonacci levels until we see new highs.
The pattern has remained in the same gann fan for quite some time so a move outside of it could be dangerous, or just an even better buying opportunity.
To The Moon. #HODL