Bitcoin Mid-Day Update: The $8,200 Target Could be in Play for 0.681 Fibonacci Level

in #bitcoin3 years ago


Bitcoin (BTC) thus far has turned back without touching the upper white trend line. While using the angled trendline is quite common, incorporating the horizontal support levels is as effective. The below chart shows that the topmost yellow line coincides well with the 0.618 Fibonacci zone of $8,200 or so. Recall that the relationship between waves 1 and 2 are that 2 can't equal the origin price of 1.

As posted earlier, the $8,200 zone could be targeted. Elliott Waves have show the impulse down pathway for wave C of the ABC correction. So yes, this would mean a lower low is likely to complete wave 5.

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I predict bitcoin next week to 10k...The 4 hr chart looks bullish so looking for a slow up trend

Interesting. Can you elaborate?

@HAEJIN - You Should Watch This Video
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Agree. We could be testing this Fibonacci again. I'm having people understanding why people wanted to buy at 17,000 and now why they want to sell at $8-9k. Stomach the volatility, and it'll pay off. HODL

The closes are lower on the day and the week. The drop will probably test Fridays lows in the next 24 hours. And probably deeper before before a turn around. Once again I will mention Bitcoin went up unbridled last year. Now we have options where it can be shorted. The scale has changed from people just buying and holding. Now we have people actively playing shorts as well as longs. I had/have a un-reached target below February's lows. Those closes being lower can be very strong.

I have another interpretation

The bearish volume is below the average and falling, can not be an indicator that the bearish momentum is running out?

We can take the last moves as the first 2 waves of a 5 bullish momentum

If fulfilled, we would return again to 10,000 dollars

I hope you’re right. These price drops are killing me!

Hold, Hold and do Meditation

If you have enough fiat and a stable income to live off of, this price drop means absolutely nothing. When everything drops at the almost the same rate all you need to worry are the exact exchange rates between each crypto you are holding. Just pay attention and increase your portfolio. 5000k or 15000k you still hold the same amount of BTC or whatever.
Fiat will stop being a big factor very soon. Why panic and give away your coins for fiat when youre here tasting the future. me it makes a lot of difference buying Verge on $ 0.02 or $ 0.04. About a 100% difference in my opinion.

Haha. Sure. Buying in is another story. The panic fueled sells another.

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Perfect! THX 👀

no perder las esperanzas

For all the XVG (Verge) hodlers and lovers! We are in the buy zone to a expected 400% profit, very soon. Read my T.A, feedbacks are appreciated! XVG TO THE MOON!

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@HAEJIN - You Should Watch This Video
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First of all, thank you for this informative post! This really helps enrich the content on the Steemit community and helped myself and others surely learn something new today!

For future viewers: price of bitcoin at the moment of posting is 8754.60USD. Happy trading!

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Thanks haejin. Looking forward to resuming the uptrend asap. Can you see a scenario in Verge where it drops back to 1 cent?

Thanks been waiting on verge and BTS for a while

BTS still finding its lower low while waiting for BTC bulls run.

@haejin posted BTS yesterday I think

He also posted bunch of bullshit too big deal!!!

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Feel free to try our arbitrage system at


holaaaa estare apoyandote..pero apoyame y vota por miii ...este es mi blog

As usual solid work, thanks very much and enjoy rest of your weekend!


Excellent, very nice post, I am very interested in these images, I will continue to study to become a professional stamians, I hope you would give me an upvote though only once, may your success, over all, thank you. -By. @zayanfaruk

If so this may be the last chance to get in... let's see if the trend line holds


Gracias por la información. Pienso que el Bitcoin tendrá rebote y llegará a los 10.000.


But, how about the credit level?

@haejin can you please make a chart on AMAZON -and I do mean this serious- from april to october 2001!

I'm really curious what the difference is between that timeperiod of Amazon and BTC at this point.

Both charts are showing the end of a cycle.

Also the Wall Street Cheat Chart shows a double bottom that BTC didn't make yet, but is in the making in my opinion.

In other words, why would BTC not follow the same lines as:

  • Microsoft did
  • Amazon did
  • Apple did
    etc. etc.

shorting for the first time, good momentum to learn :-)

thx Haejin!

Thank you, great stuff as always.

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Good stuff....HOLD