Zone A:
target. First major fib target, as well as daily 200 moving average.
Zone B:
Critical. 0.618 fib from previous high, as well as the downward trendline connecting the previous two highs, with the second also being a 0.618 fib retest from the first.
Chances are we *will* reach this point, but will experience significant resistance up to the point of a likely reversal.
However, on breakout of point B, almost the entire chart turns into a bullflag where we do not know the length of the original pole, because of the age of the chart. However, it puts us at a new all time high at the least.
Considering the all time high is at the 1.618 of the last high (unsurprisingly, we've already established the equal and opposite relationship a few lines back) it stands to reason to expect the next high to be the 1.618 of the all time high, at or around 63838 satoshi's. Really, anywhere from the top of the flagpole at 55593 till the next fib target from the previous move at 68625. The 63838 target just seems like a very likely gravity well within that range.
If we ever go there! First we have resistance to break through, notably at zone C; 34k till 36.2k satoshis : The narrow range between the 1.272 of one and the 0.838 of the other fib retracement.
Also 10x the price of the current entry-level, or over 20x the all-time low.
Who is in our court?
The trendline drawn from two earlier spikes lower , which has crossed one of the dominant downward trendlines at precisely the time of our bullish bottoming pattern.
On the fifth of November. Guy Fawkes day.
We also have a daily bullish cross of the 20 and 50 simple moving averages.
Finally, the Ichi cloud is about to reverse, and the shape of the red cloud appears similar to the previous one, lending credence to the idea that this new rally upward will bear some resemblance to the last rally, which again amplifies the importance of zone "B" in regards to us reaching our targets. There is a good chance we will be rejected at B to test some lower fibs for support before continuing higher.
For now, this moment seems projected for early februari till mid march. Pivotal times for a potentially important coin.
target. First major fib target, as well as daily 200 moving average.
Zone B:
Critical. 0.618 fib from previous high, as well as the downward trendline connecting the previous two highs, with the second also being a 0.618 fib retest from the first.
Chances are we *will* reach this point, but will experience significant resistance up to the point of a likely reversal.
However, on breakout of point B, almost the entire chart turns into a bullflag where we do not know the length of the original pole, because of the age of the chart. However, it puts us at a new all time high at the least.
Considering the all time high is at the 1.618 of the last high (unsurprisingly, we've already established the equal and opposite relationship a few lines back) it stands to reason to expect the next high to be the 1.618 of the all time high, at or around 63838 satoshi's. Really, anywhere from the top of the flagpole at 55593 till the next fib target from the previous move at 68625. The 63838 target just seems like a very likely gravity well within that range.
If we ever go there! First we have resistance to break through, notably at zone C; 34k till 36.2k satoshis : The narrow range between the 1.272 of one and the 0.838 of the other fib retracement.
Also 10x the price of the current entry-level, or over 20x the all-time low.
Who is in our court?
The trendline drawn from two earlier spikes lower , which has crossed one of the dominant downward trendlines at precisely the time of our bullish bottoming pattern.
On the fifth of November. Guy Fawkes day.
We also have a daily bullish cross of the 20 and 50 simple moving averages.
Finally, the Ichi cloud is about to reverse, and the shape of the red cloud appears similar to the previous one, lending credence to the idea that this new rally upward will bear some resemblance to the last rally, which again amplifies the importance of zone "B" in regards to us reaching our targets. There is a good chance we will be rejected at B to test some lower fibs for support before continuing higher.
For now, this moment seems projected for early februari till mid march. Pivotal times for a potentially important coin.