So far this pullback has gone as expected, although moving faster than I thought on a number of occasions (after initially predicting it far too soon!).
I still believe we will see a sizeable $ support bounce at $5400. However much has gone on since my original prediction and some of the power in that bounce could have been taken out.
Coloured boxes follow the rainbow for general BTC direction. The grey box is around the € bounce region ~$6000, and I have no idea how the market will react. There is obvious support, but my Fibonacci lines don't match with it so I remain undecided.
For those that have not seen my previous posts on the subject, the basis of my theory is as follows:
On 12th Nov 2017 a strong support was created at $5400. Since that time exchange rate changes make the support line higher in €uros than $dollars. As a result the bounce on 6th Feb 2018 occurred on the € support, whilst the $ support remained untested. I believe a number of US and Asian based bots will have been set to initiate trades at $5400 if RSI day trade was oversold. These bots were not activated. € bots were activated. Hence, a bounce occurred but without the full strength of the globe.
This time when $5400 is hit, all bots will activate and a bounce will occur.
The question is, how many bot programmers thought they missed the boat last time, and jumped in on the bounce a tad late, and thus have reset there next big entry point?
All of this is conjecture - I would love some feedback.
I still believe we will see a sizeable $ support bounce at $5400. However much has gone on since my original prediction and some of the power in that bounce could have been taken out.
Coloured boxes follow the rainbow for general BTC direction. The grey box is around the € bounce region ~$6000, and I have no idea how the market will react. There is obvious support, but my Fibonacci lines don't match with it so I remain undecided.
For those that have not seen my previous posts on the subject, the basis of my theory is as follows:
On 12th Nov 2017 a strong support was created at $5400. Since that time exchange rate changes make the support line higher in €uros than $dollars. As a result the bounce on 6th Feb 2018 occurred on the € support, whilst the $ support remained untested. I believe a number of US and Asian based bots will have been set to initiate trades at $5400 if RSI day trade was oversold. These bots were not activated. € bots were activated. Hence, a bounce occurred but without the full strength of the globe.
This time when $5400 is hit, all bots will activate and a bounce will occur.
The question is, how many bot programmers thought they missed the boat last time, and jumped in on the bounce a tad late, and thus have reset there next big entry point?
All of this is conjecture - I would love some feedback.
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Correction: The chart boxes should say "support" not "resistance" - apologies.
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just an update with small tweaks to the targets.
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hitting targets nicely
