Let’s start this by stating that this is simply a bullish hopium idea and sharing for entertainment reasons only.
This is all based around the 1hr BTC chart above. The other day Bitcoin had a sudden ~5% drop, sweeping new lows. This level was quickly regained with BTC putting in a +6% move the following day. This can be seen as a small swing failure pattern (SFP) if viewing the pattern as a descending triangle.
Regardless of the SFP validity, a clear support level was regained. And if we pull a fibonacci retracement on the last move higher, we can see that this support level falls directly within the golden pocket. If this level holds, then we could see the next move higher which would print a higher high as well as seeing a change in the downtrend market structure. And that could initiate the next macro higher high (or lower high) from BTC.
Let’s start this by stating that this is simply a bullish hopium idea and sharing for entertainment reasons only.
This is all based around the 1hr BTC chart above. The other day Bitcoin had a sudden ~5% drop, sweeping new lows. This level was quickly regained with BTC putting in a +6% move the following day. This can be seen as a small swing failure pattern (SFP) if viewing the pattern as a descending triangle.
Regardless of the SFP validity, a clear support level was regained. And if we pull a fibonacci retracement on the last move higher, we can see that this support level falls directly within the golden pocket. If this level holds, then we could see the next move higher which would print a higher high as well as seeing a change in the downtrend market structure. And that could initiate the next macro higher high (or lower high) from BTC.