Taking a look at Bitcoin's chart this week, comparing with its fundamentals and also its on chain matrix. I find it unpleasantly disturbing. This is one of the reasons whenever I trade. I would usually cancel out any news in my mind. And I follow only a few simple rules, as a matter of fact. There was a time where I was the indicator man, but now I only use a few things. Fibonacci - because the golden numbers never lie, and follow its Quarters.
This week's Fibonacci extension (actually was using the same extensions for about 2 months now) is 29647.91, 42632.89, and 37718.68. It looks like BTC bounced off 50% @ 44,211 and would probably try its 78% @ 47,924. On the up side, I'm looking forward to BTC hitting 51,000 which is just slightly above 100% of this Fibo. However, should it head down from there, I hope that it does not play into a triangle, but might likely do so, due to the continuos fud being exorcised out there.
For this reason, If anyone should enter a trade, I would only recommend that you enter at the price of 46,000. Please bare in mind not to use leverage as there have been Billions of dollars being wiped out. These aren't institutional money thats being wiped out, but its only the retail dollars being sucked out.
Today's BTC Dominance is sitting at 41.38. Thus, if you are holding alt coins, some of you would have probably became millionaires if not billionaires by now. Keep a look out, it is hard to get an entry at this point of time. Personally I went in for Luna @ 35, maybe its too late but you can try again later.
Do let me know which alt coin you'd like me to analyze, all you need to do is share my page and let me know in the comments below. That's what I charge.
One of the primary reasons that I place Keyword searches here is because we get to know what everyone else is looking into, or at least what the general public is looking into. It gives us a slight edge on what people is thinking and from there, if you'd like you can look into other data for further confirmation.
Mentions : - flipflopcrypto = BenReadCash
