Hello All,
Chart 1:
One of my favorite tool for TA analysis is use of Fib rings.
In this chart we have a very old Fib ring (I published it on Jan 2020; see below link) which still proving very crucial for BTC price action.
In the chart the White ring marks 2.618 Fib ring, this ring was the one to predict 2017 top of BTC at 20000, 2018 bottom of BTC at 3150 and then held support for BTC during Jan 2021, and July 2021. Interestingly BTC is holding support on this exact ring again. Will it hold or not that remains to be seen but it offered me some good buying opportunity.
Chart 2:
In this chart I have outlined 2 key support levels at 19700 and 13700.
This area covers the wick of Monthly BTC candle on Dec 2017. I am using this area as support because when BTC broke above the 13000 and 20000 level back in Dec 2020, it kept rising printing 6 back-to-back green monthly candles. This was indeed an amazing run but in doing so BTC failed to create a crucial support and consolidation levels. Hence only SR level we have is way below.
Chart 3:
In this chart I have plotted a Fib extension using previous BTC top and bottom.
Here we see how well this Fib levels have been respected by the PA. BTC topped out at 3.618 and 4 Fib extension, then it dropped to 1.618 and found support multiple times. This Fib levels also correlate well with the SR levels I mentioned above i.e. 19700 and 13700 (Golden Fib Pocket).
Chart 4:
On this chart you can see the TV community indicator MA-multiplier. As per this indicator usually BTC trading below the bottom multiplier has been a good buying opportunity. Currently BTC is trading below and could be a good accumulation area.
Chart 1:
One of my favorite tool for TA analysis is use of Fib rings.
In this chart we have a very old Fib ring (I published it on Jan 2020; see below link) which still proving very crucial for BTC price action.
In the chart the White ring marks 2.618 Fib ring, this ring was the one to predict 2017 top of BTC at 20000, 2018 bottom of BTC at 3150 and then held support for BTC during Jan 2021, and July 2021. Interestingly BTC is holding support on this exact ring again. Will it hold or not that remains to be seen but it offered me some good buying opportunity.
Chart 2:
In this chart I have outlined 2 key support levels at 19700 and 13700.
This area covers the wick of Monthly BTC candle on Dec 2017. I am using this area as support because when BTC broke above the 13000 and 20000 level back in Dec 2020, it kept rising printing 6 back-to-back green monthly candles. This was indeed an amazing run but in doing so BTC failed to create a crucial support and consolidation levels. Hence only SR level we have is way below.
Chart 3:
In this chart I have plotted a Fib extension using previous BTC top and bottom.
Here we see how well this Fib levels have been respected by the PA. BTC topped out at 3.618 and 4 Fib extension, then it dropped to 1.618 and found support multiple times. This Fib levels also correlate well with the SR levels I mentioned above i.e. 19700 and 13700 (Golden Fib Pocket).
Chart 4:
On this chart you can see the TV community indicator MA-multiplier. As per this indicator usually BTC trading below the bottom multiplier has been a good buying opportunity. Currently BTC is trading below and could be a good accumulation area.
