Bitcoin: orange coin at orange line
For our first post, we're keeping it simple and taking a look at BTCUSDT on the weekly chart. Technically, we are very bullish on the 'orange coin' due to Market Structure & Fibonacci levels.
Orange line 1
The huge run-up we had in 2019- creating higher highs and higher lows (on lower timeframes), topped right at the first 'orange line' at $13970. This is the Fibonacci 61.8% retracement level of the prior 2 pivot points (2017 December swing high, down to the 2018 December swing low). The 'Shooting Star' Candlestick Pattern printed in June was accompanied with climactic selling volume- a bearish combination. But, based on effort vs result- the reaction would be considered weak.
Orange line 2
What followed since the 2019 climax high, was the slow corrective move pushing Bitcoin back down to the next 'orange line' around $7270. This is the Fibonacci 61.8% retracement level from the swing low ($3150) to the yearly swing high ($13970). We didn't quite reach the level, but the very high volume reaction indicates possible front running. We anticipate this yearly 'Higher Low' to hold, and predict breaking higher out of this internal structure. Our first target before re-evaluation is around $16000.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Moondrops
Orange line 1
The huge run-up we had in 2019- creating higher highs and higher lows (on lower timeframes), topped right at the first 'orange line' at $13970. This is the Fibonacci 61.8% retracement level of the prior 2 pivot points (2017 December swing high, down to the 2018 December swing low). The 'Shooting Star' Candlestick Pattern printed in June was accompanied with climactic selling volume- a bearish combination. But, based on effort vs result- the reaction would be considered weak.
Orange line 2
What followed since the 2019 climax high, was the slow corrective move pushing Bitcoin back down to the next 'orange line' around $7270. This is the Fibonacci 61.8% retracement level from the swing low ($3150) to the yearly swing high ($13970). We didn't quite reach the level, but the very high volume reaction indicates possible front running. We anticipate this yearly 'Higher Low' to hold, and predict breaking higher out of this internal structure. Our first target before re-evaluation is around $16000.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Moondrops
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