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$BTC SE Analysis.
We've been in price exploration ever since we broke the previous ATH at 20K.
Hence, and just like we did with $ETH, we're throwing away basic TA & focusing on the psychological manifestation of numbers and fibs in order to understand #btc
Small thread
[1]
We've been in price exploration ever since we broke the previous ATH at 20K.
Hence, and just like we did with $ETH, we're throwing away basic TA & focusing on the psychological manifestation of numbers and fibs in order to understand #btc
Small thread
[1]
Notice how #bitcoin operates with a multiplier of 2 on every leg up on HTF
- 5K support => 10K Resistance
- 10K Support => 20K Resistance
- 20K Support => 40K resistance (and NOT 30K)
- 50K Support (to be discussed later)
[2]
![Notice how #bitcoin operates with a multiplier of 2 on every leg up on HTF- 5K support => 10K Resistance- 10K Support => 20K Resistance- 20K Support => 40K resistance (and NOT 30K)- 50K Support (to be discussed later)[2]](https://pbs.twimg.com/media/EtirEcZXEAEWYkN.png "Notice how #bitcoin operates with a multiplier of 2 on every leg up on HTF- 5K support => 10K Resistance- 10K Support => 20K Resistance- 20K Support => 40K resistance (and NOT 30K)- 50K Support (to be discussed later)[2]")
operates with a multiplier of 2 on every leg up on HTF- 5K support => 10K Resistance
- 10K Support => 20K Resistance
- 20K Support => 40K resistance (and NOT 30K)
- 50K Support (to be discussed later)
[2]
If we move to LTF and a smaller timescale, notice how this manifestation shifted to a 10K difference: 30K support, 40K resistance.
It's not all coincidence: 30K is the midpoint between HTF support and resistance: 20K and 40K.
This allows us to define a range.
[3]
![If we move to LTF and a smaller timescale, notice how this manifestation shifted to a 10K difference: 30K support, 40K resistance.It's not all coincidence: 30K is the midpoint between HTF support and resistance: 20K and 40K.This allows us to define a range.[3]](https://pbs.twimg.com/media/EtisaZ5XYAAnFG1.png "If we move to LTF and a smaller timescale, notice how this manifestation shifted to a 10K difference: 30K support, 40K resistance.It's not all coincidence: 30K is the midpoint between HTF support and resistance: 20K and 40K.This allows us to define a range.[3]")
It's not all coincidence: 30K is the midpoint between HTF support and resistance: 20K and 40K.
This allows us to define a range.
[3]
Hence, a close above 40K will lead to a rally towards close to 50K.
50K is a major psychological level, this is where we'll find short term resistance. Break above it we might rally towards 80K (you now know where I got this number from)
[4]
50K is a major psychological level, this is where we'll find short term resistance. Break above it we might rally towards 80K (you now know where I got this number from)
[4]
But let's not get ahead of ourselves, and play this level by level.
Take out swing high, and there's no significant resistance but around the 1.618 fib level: 47K. Why? Confluence.
This will trap a lot of late longers who are eager for 50K. Pullback => carnage.
[5]
Take out swing high, and there's no significant resistance but around the 1.618 fib level: 47K. Why? Confluence.
This will trap a lot of late longers who are eager for 50K. Pullback => carnage.
[5]
Hope you enjoyed this thread :)
Special thanks to @BitcoinPrinter for requesting it, and @PlanktonTrader for the mentoring.
Of course, $BTC is a different league than $ETH. But the foundations for price are the same.
Likes/RTs are appreciated if you enjoyed the read :)
Special thanks to @BitcoinPrinter for requesting it, and @PlanktonTrader for the mentoring.
Of course, $BTC is a different league than $ETH. But the foundations for price are the same.
Likes/RTs are appreciated if you enjoyed the read :)
