Bitcoin and the Grand Super Cycle...
Did we just witness just the first step in a much larger move in Bitcoin price action? Has the Grand Super cycle confirmed the completion of its initial impulsive wave 1... Corrective wave 2 is the most important step now as it will determine with a major higher low bounce that the Cycle is real and the Bull market is well on its way...
Where is that bounce going to happen... ?
Since the “Golden Ratio” 61-66FIB stopped out the presumed end of Wave 1 price above $13K a retracement target can be the inverse FIB retrace of the “golden Pocket on the way down which lands between $6800-$7200...
If Bitcoin lands in this key area which also corresponds with significant price history I would be looking for a major bounce to confirm that the “golden zone” sets the pivot point for the Beginning of Bullish impulsive Wave 3 and a target above $20K...
What would invalidate this idea...?
-Failure to hold the indicated zone of support above $6800
-a more notable bounce with huge volume above $7k
-a near term break above $13K suggests that Wave 1 is still in play which would establish a higher golden zone support for the end of wave 2
Trade Safe , Chonis
*as always this is not financial advice, just my thoughts and ideas...
Did we just witness just the first step in a much larger move in Bitcoin price action? Has the Grand Super cycle confirmed the completion of its initial impulsive wave 1... Corrective wave 2 is the most important step now as it will determine with a major higher low bounce that the Cycle is real and the Bull market is well on its way...
Where is that bounce going to happen... ?
Since the “Golden Ratio” 61-66FIB stopped out the presumed end of Wave 1 price above $13K a retracement target can be the inverse FIB retrace of the “golden Pocket on the way down which lands between $6800-$7200...
If Bitcoin lands in this key area which also corresponds with significant price history I would be looking for a major bounce to confirm that the “golden zone” sets the pivot point for the Beginning of Bullish impulsive Wave 3 and a target above $20K...
What would invalidate this idea...?
-Failure to hold the indicated zone of support above $6800
-a more notable bounce with huge volume above $7k
-a near term break above $13K suggests that Wave 1 is still in play which would establish a higher golden zone support for the end of wave 2
Trade Safe , Chonis
*as always this is not financial advice, just my thoughts and ideas...