BOTTOM CALL: $7,500-$8,000

2 Feb 2018

Many of us have noticed the possible falling wedge
that bitcoin has printed so far. And after today, I am
more confident that this falling wedge is going to see
its way through. The .618 Fibonacci Level has proved
to me to be the most important Fibonacci level to look
at, and often bitcoin respects this level. We have printed
6 Fib levels in a $500 range. $7,500-$8,000, forming a
Fibonacci Cluster. Fib Clusters are formed from 3 or
more Fib levels, and can include many different fib
levels, not just the .618. But they are strongest when it
includes .618 levels. This Fib level is not the only signal
of support at $7,500-$8,000. The falling wedge ends
at this price as well, and the 200 EMA is at this price.
It is because of these 3 indications, that I will look to
enter into a trade at this range.

Result = Bottom Call = $7,500-$8,000 (Coinbase)

Follow me on Twitter: @bishopktrading