Now we have a clear picture where the correction could end. On the one hand in the range from 9500 to 8900. If this range is not strong enough, on the other hand the lowest point is at 8200.
Explanation:
Depending on how we draw the fibs we come to a similar result. The Fib 0.5 from the start of the uptrend is around 8500. Bitcoin often goes back to 0.5. Currently it looks as if Fib 0.5 is valid. If the Fibs are set a little higher, we end up with a decrease to 0.618. This is also very valid for shorter time frames. Both values match. This makes it double valid.
If this point does not give enough support, we end up at Fib 0.786, around 8200. Here is also the yearly pivot. These two values are therefore also double valid.
I currently assume around 9000. Since this value is also exactly in the trend channel and would thus create a bull flag. This is also typical for Bitcoin in a general bull trend. And it hits the daily EMA 100. (Blue line = daily EMA 8. Black line = daily EMA 20. Red line = daily EMA 50. Purple line = daily EMA 100.)
Let's see what happens. Happy trading. :-)
Daily:
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Yorum
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chart update: target still valid
Yorum
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target at 9000 reached. strong support! up could be expected.
Exactly what i thought, Do you think we will be forming a giant bull flag..ore descending wedge until end of september? if so...is that bullish?
BTCINVESTING
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@Meirinho30, currently i see a fall to the gray area. after this we have to see, how is the structure. after this we know more. right now the bottom defines the ways. lower is always possible.
JTJV42
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I am sooo greedy -- can`t believe that correction is over. That`s why i love your TA the most)
BTCINVESTING
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@JTJV42, :-)) thx for your comment. but it could be.