Bitcoin pumped today and sucked the oxygen out of many alts.
Band fell hard and fast, but it bounced with a very loud Ping.
"Loud" as in a violent reflection that one could almost HEAR!
So was that the bottom so we can now continue the rocket ride higher?
Or has the bubble popped and this is the "Bull Trap" or Wave B bounce?
The "Key" resistance indicated will be first threshold to watch for clues.
If this bounce is just a "wave B" then it should reach at most that Key level.
If that was the entirety of the "dip" then it should easily surpass that Key level.
If we are to get a true ABC correction, then the gold fib below is a good target.
The fib extensions used are for what I call a "Golden Fib" explained here (click).
The term "Ping" is what I call an EXACT reflection, like sonar reflecting off a sub.
The rule is: "Not all pings start a Reversal, but Most reversals start with a Ping".
Band fell hard and fast, but it bounced with a very loud Ping.
"Loud" as in a violent reflection that one could almost HEAR!
So was that the bottom so we can now continue the rocket ride higher?
Or has the bubble popped and this is the "Bull Trap" or Wave B bounce?
The "Key" resistance indicated will be first threshold to watch for clues.
If this bounce is just a "wave B" then it should reach at most that Key level.
If that was the entirety of the "dip" then it should easily surpass that Key level.
If we are to get a true ABC correction, then the gold fib below is a good target.
The fib extensions used are for what I call a "Golden Fib" explained here (click).
The term "Ping" is what I call an EXACT reflection, like sonar reflecting off a sub.
The rule is: "Not all pings start a Reversal, but Most reversals start with a Ping".
Note
No Resolution yet, just RangeCurrently sitting on "Ideal Support"
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Zoom IN (15 min) for a closer look at the PRECISE acknowledgement of each fib, and some NOTES:
The apparent Key Resistance is 134,688.
That Golden fib offering "ideal support" will not hold much longer.
Bulls need to put some distance between price and that golden fib.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.