Bitcoin approaching 8/1 Gann "Warning"
I have been using the Gann Fan tool for a while now with amazing results and here on this channel for months now going over how important it is to break the 8/1 Gann ratio for Bitcoin to see new all time highs.
As of today Bitcoin has broken the 4/1 Gann ratio then pulled back tested it as support and now it seems we could be heading up to the 8/1 Gann ratio. This TA is more about warning traders that the 8/1 Gann Ratio is not easily broken and that a rejection of this ratio could bring Bitcoin down back to the 4/1 somewhere around 32-35k.
After spending hours going over Bitcoins 11 year history with Gann Fanns one thing that is a constant is that there is always big volatility that happens around this ratio , what tends to happen is a massive fakeout. Price rockets past the ratio only to pullback under it violently then travels sideways for a bit before breaking it and starting the path to all time high.
So patience is key here for opening a multi week long, if price breaks the 8.1 ratio , wait for price to come back and retest as support and close a daily candles above it, then that's a long signal but again there is a very high chance that a big event happens trying to break this ratio.
Once the 8/1 ratio is broken and retested as support we are clear for all time high . My gut tells me this is not the run that breaks the ratio. It's too soon but if we do break it then higher chance that the cycle peak is sometime from December 15th-January 10th 2021.
Take a look at the Bitcoin Roadmap , analysis playing out pretty closely so far.
As of today Bitcoin has broken the 4/1 Gann ratio then pulled back tested it as support and now it seems we could be heading up to the 8/1 Gann ratio. This TA is more about warning traders that the 8/1 Gann Ratio is not easily broken and that a rejection of this ratio could bring Bitcoin down back to the 4/1 somewhere around 32-35k.
After spending hours going over Bitcoins 11 year history with Gann Fanns one thing that is a constant is that there is always big volatility that happens around this ratio , what tends to happen is a massive fakeout. Price rockets past the ratio only to pullback under it violently then travels sideways for a bit before breaking it and starting the path to all time high.
So patience is key here for opening a multi week long, if price breaks the 8.1 ratio , wait for price to come back and retest as support and close a daily candles above it, then that's a long signal but again there is a very high chance that a big event happens trying to break this ratio.
Once the 8/1 ratio is broken and retested as support we are clear for all time high . My gut tells me this is not the run that breaks the ratio. It's too soon but if we do break it then higher chance that the cycle peak is sometime from December 15th-January 10th 2021.
Take a look at the Bitcoin Roadmap , analysis playing out pretty closely so far.
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