Bitcoin (BTC) Evening update. Technical Analysis Look at the forest, not the trees.

in #bitcoin4 years ago (edited)

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The support has been breached. Above is the rough pathway i think it will take. Its only When you zoom out to 1 week candles do you realise that this correction is nothing at all. Will add photo at bottom.

Below is the Fibonacci retracement of the last run up of Bitcoin, it has only came to my attention but the 0.61 line, the golden ratio has been breahed for a second time. I was not aware that the support blue line in last post was the golden ratio. As i have already said, zooming out sometimes in whats needed to put thing in prospective.

This can cause panic, and with so many amatuer traders this could even fall out of the triangle. Now this does not mean panic. AWARENESS as my mentor always says is key. This will return to a bull market which will be extra BULLISH with all the sellers gone.

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Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.


In sum is it safe to buy now or is there a further dip?

we all hope that this is what is going to happen ... meanwhile things to concider is that living on unique times predictions are so really difficult... till end of octomber 17 most people involved in crypto were blockchain enthusiasts and people who new what this is all about . since december things changed ... ripple, banks, institutional ivestors and manipulators are in the game .... its a war of centralized and decentralized way of thinking ..... thats what it is A WAR ...