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Bitcoin 5800-6400 Target Based on Line Chart of the Lows

Long
COINBASE:BTCUSD   Bitcoin

Attached is a weekly line chart of BTC based on the lows along with Daryl Guppy's multiple moving averages. Looking only at the lows helps put support and resistance into perspective.
Important clusters of lows;
2/5/18 5873
6/18/18 5777
8/13/18 5900
Average; 5850

3/26/18 6450
9/24/18 6320.50
10/22/18 6360
Average; 6377

A fibonacci retracement from the 12/10/18 low of 3128.89 to the 8/15/19 low of 10977.98 puts the 61.8% retracement at 6127.24.

The 150 week moving average projected 2 weeks forward is 6136.76.

MACD and Fisher Transform are still falling. Although BTC bounced on 11/15/19 at 6526, based on the above clusters it is probable that the 5800-6400 price range will be challenged before we get a sustained meaningful bounce.

Best regards.
Robert

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