Golden 61.8% Fibonacci Ratio Takes Us To $20.5K

17 juil. 2019

This Bull Flag is a continuation pattern of the upward trend.

Upward Continuation Criteria
- Lower trend line of the Bull Flag holds and price continues to go up, we'll continue our journey to the next 61.8% Fibonacci Level at $20,500-ish.

Downward Continuation Criteria
- Lower trend line of the Bull Flag is breached. But if the price gets supported at either the Support Line #1 at $8,500 or Support Line #2 at $7,200, we'll form a Descending Broadening Channel (created by green dotted trend line) which is a Bullish Pattern. We might bounce off of it and continue up to the $17,970-ish level (138.2% Fibonacci Level).

Only time will tell.

Always remember to place your stops at the appropriate levels.

Happy Trading Everyone!

Ron


Check out the broader view of the Fibonacci Circle:

Check out the short term outlook:

17 juil. 2019

Note

Check out the short term outlook:

30 juil. 2019

Note

Price is still ranging at the 61.8% Fibonacci level and Bitcoin has the potential to launch from this level. Accumulation phase is almost complete. Bullish signals are firing now.

Warning! Never dismiss the possibility of a break to the downside.
Warning! Watch out for the FU move.

Best strategy for any scenario:
1. Place a trailing stop loss.
2. Never trade before the breakout!

Happy Trading Everyone.

Ron