Just a BITCOIN talk!!

BTC

Just a long term idea looking at the main Fibonacci Retracement of the overall Bull Run cycle. I noticed how well the 70.70% Fibonacci hold the trend for about one year and then broke support. Trend dropped also below 78.60% Fibonacci Retracement, almost bounced but didn't tap on demand zone (3k), spiked back up re-testing the 78.60% Fibonacci broken level but got rejected.

We probably need a clean break of the 78.60% to even think about a Bull Run, then the 70.70% would be the major resistance test to break. Until we don't see trend attempting to break these levels we CANNOT call any green candle we see "Bull Run".

Trend might be going sideways for a while (accumulation) making a lot of False breakouts, Bull Traps, Dead Cat bounces exactly like it happened in the 2014. Just go take a look what happened in 2015 when we were at about 85% correction and look at the price action to see how traders reacted in that specific situation. For sure it was a different market, but the market psychology is always the same and market cycles repeat themselves most of the time in a very similar way just because we are just people who are driven by emotions that don't change lol. Same ANXIETY, Same PANIC, Same FEAR, Same HOPE... 😊

For further any queries
Ask @luckys

Posted using Partiko Android