Bitcoin - Keeping it Simple... Symmetry is Astounding
I've seen a lot of bitcoin charts. For me, it just seems to be a lot of noise. If you are day trading it, sure it's easy to get caught up in the mess.
Let's keep it simple. Take a step back. For anyone who is a Fibonnacci fan, this is the most symmetrical chart you will find out there.
This is a weekly view of Bitcoin, measuring all KEY Fibonnacci extensions (1.618, 2.618, etc). Bitcoin has tagged each one and pulled back to retest each. You could argue it is different this time since Bitcoin Futures opened up. I would agree, it does add a wrinkle. Also RSI has broken key support this week, dating all the way back to January 2016.
But this doesn't negate the fact that Bitcoin continues to respond and react at key Fib levels. I won't profess to know where Bitcoin is going. Today it bounced off support at the 11.09 Fib extension... I don't know if it holds with RSI breaking down a bit here.
Main point is consider using each of these price points as key Supply/Demand levels for trading or investing in this thing. Each helps define your risk and provides a higher degree of confidence entry or exit in the trade.
Good luck. Stay patient, dedicated, and focused.
Let's keep it simple. Take a step back. For anyone who is a Fibonnacci fan, this is the most symmetrical chart you will find out there.
This is a weekly view of Bitcoin, measuring all KEY Fibonnacci extensions (1.618, 2.618, etc). Bitcoin has tagged each one and pulled back to retest each. You could argue it is different this time since Bitcoin Futures opened up. I would agree, it does add a wrinkle. Also RSI has broken key support this week, dating all the way back to January 2016.
But this doesn't negate the fact that Bitcoin continues to respond and react at key Fib levels. I won't profess to know where Bitcoin is going. Today it bounced off support at the 11.09 Fib extension... I don't know if it holds with RSI breaking down a bit here.
Main point is consider using each of these price points as key Supply/Demand levels for trading or investing in this thing. Each helps define your risk and provides a higher degree of confidence entry or exit in the trade.
Good luck. Stay patient, dedicated, and focused.