Medium-term view on Bitcoin
This idea combines Dow theory, Wyckoff theory and modified Fibonacci retracements and extension.
Also uses fractal theory and focuses on movement's size proportions.
In the proportion shown, Bitcoin was bought at the -0.382 extension and has been doing its thing going up since then.
Recently crossed de middle section of the Fibonacci (area between 0.031 and -0.031) and is completing its "mirror image" from the -0.134 to the 0.134 level where is stalling at the moment.
Will possibly complete the other 2 "mirror images" shown at the -0.272 - +0.272 level and at the -0.382 - + 0.382
Could easily go all the way up to the +0.5%. where one would expect a pullback and further analysis would indicate if it could go higher.
Medium term bitcoin is going back to 49412.00
Also uses fractal theory and focuses on movement's size proportions.
In the proportion shown, Bitcoin was bought at the -0.382 extension and has been doing its thing going up since then.
Recently crossed de middle section of the Fibonacci (area between 0.031 and -0.031) and is completing its "mirror image" from the -0.134 to the 0.134 level where is stalling at the moment.
Will possibly complete the other 2 "mirror images" shown at the -0.272 - +0.272 level and at the -0.382 - + 0.382
Could easily go all the way up to the +0.5%. where one would expect a pullback and further analysis would indicate if it could go higher.
Medium term bitcoin is going back to 49412.00
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