The case for the 0.618 retracement
Another day, another idea - I don't do predictions. Reasons for a bullish bounce around the 0.618 level:
1) We're seeing a downward wedge forming ( typically a bullish signal ), converging with an apex right on the 0.618 retracement level
2) We're seeing a nice textbook Elliot wave: 5 waves up, 3 waves down, with the ABC correction ending at the end of wave 4 level. This is the way Elliot wave theory is taught in textbooks :-)
3) The golden zone between 0.618 and 0.65 is statistically the most probable retracement level.
In my book, the big question it's all coming down to is: does the larger trends impulse fall flat, making is dive to the long trend support (somewhere around 2200 - 2300 sats), or do we have enough bullish sentiment in the cryptosphere to start a larger trend wave 3?
1) We're seeing a downward wedge forming ( typically a bullish signal ), converging with an apex right on the 0.618 retracement level
2) We're seeing a nice textbook Elliot wave: 5 waves up, 3 waves down, with the ABC correction ending at the end of wave 4 level. This is the way Elliot wave theory is taught in textbooks :-)
3) The golden zone between 0.618 and 0.65 is statistically the most probable retracement level.
In my book, the big question it's all coming down to is: does the larger trends impulse fall flat, making is dive to the long trend support (somewhere around 2200 - 2300 sats), or do we have enough bullish sentiment in the cryptosphere to start a larger trend wave 3?
Nota
Sheesh. Bitshares is sure trying our patience. We seem to be in a holding pattern, with everybody probably eyeballing what bitcoin is doing / going to do.Oh well. Tomorrow will probably shed some more light on wether we go up or down!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.