I thought I would update my previous posts on the Fibonacci Log Growth Curves that seem to predict support and resistance zones quite well.
Bitcoin has been on a tear and we all want to know if it will:
1) Fall back to major support at Fib 0%
2) Pull back then try again to break Fib 50%
3) Keep going up to Fib 100%
I have drawn out the 3 scenarios on the chart. It is important you scroll back through the chart to see how Bitcoin reacted to the Fibonacci 50% level in the past. You will notice in 2017 it broke through Fib 50% then fell back and gathered more steam to try again and it hit almost 20k in 2017. This is my scenario #2.
Also note I am using a 19 Week MA (orange line) that tends to act as better support than the 20 week or 21 week MA. Scroll back and see if I'm right.
Bitcoin has been on a tear and we all want to know if it will:
1) Fall back to major support at Fib 0%
2) Pull back then try again to break Fib 50%
3) Keep going up to Fib 100%
I have drawn out the 3 scenarios on the chart. It is important you scroll back through the chart to see how Bitcoin reacted to the Fibonacci 50% level in the past. You will notice in 2017 it broke through Fib 50% then fell back and gathered more steam to try again and it hit almost 20k in 2017. This is my scenario #2.
Also note I am using a 19 Week MA (orange line) that tends to act as better support than the 20 week or 21 week MA. Scroll back and see if I'm right.
In the past 3 days we see the BTC price fall through the bottom of the Fib support level indicating a major correction. The last time it did this was March 2020.
If we can pick the bottom, it is where most of the profits will be made. Be ready with a fist full of money in which to buy. :-)