perrynoid

BTC and the Multiverse of Fibonacci

COINBASE:BTCUSD   Bitcoin
I decided to play around with some rarely used Fib tools to see if the process reveals any potential convergence. I'm NOT sure what it means yet. However, I noticed something interesting about this time in the market, as of the date this posting, and how it compares to 2019. I highlighted, with small red and yellow circles on the chart, where the greatest convergence of Fib diagonals and Fib circles occur when they are based on highs and lows in market cycles since 2015 on the weekly chart. It also seems to coincide with rejection from the red, overbought line on the wave trend. If the pattern repeats, there could be a great buying opportunity soon. I recommend keeping some powder dry. I am considering putting some limit orders in for a price af around 35K.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.