BTC update 31st July
BTC now trading around 7710. As you know fibonacci retracement happens a lot in the world of bitcoin. The magic number we are looking is 0.618 (61.8%). If we look at the first retracement in the image you will see that the lowest point compared to the highest point is the total fib range. At the end of the retracement you see we are at 61.8% and had a run up.
If we look at the seccond fib retracement we see the same thing. Currently we are at the 0.618 (61.8%) level again so we should expect a run up. To determine how much of a run it will be, we can take the whole fib range (0 to 1) and this would determine how high the run could be seen from the 0.618 fib level. In this case we could see a run towards 8950.
I know this is a bit confusing if you don't do technical analysis etc. but maybe we can learn something together. We also want to let you guys know we don't grab some random numbers and hope these are the correct ones ;)
Conclusion : fibonacci at support level 0.618 and we should see a run towards 8950 (maximum). It could happen that we break the 0.618 fib level but if you look at the bottom of the image you will see that the RSI is very low and we have enough momentum, thus very likely we will see a run up.
DISCLAIMER :
We are not professional traders nor financial advisers. Please invest/trade at your own due diligence! You can't hold us responsible for losing money on trading signals we give you. You and you only take responsibility if you buy crypto and lost on these trades. So do your own research before buying. Our trading signals are purely informational.
If we look at the seccond fib retracement we see the same thing. Currently we are at the 0.618 (61.8%) level again so we should expect a run up. To determine how much of a run it will be, we can take the whole fib range (0 to 1) and this would determine how high the run could be seen from the 0.618 fib level. In this case we could see a run towards 8950.
I know this is a bit confusing if you don't do technical analysis etc. but maybe we can learn something together. We also want to let you guys know we don't grab some random numbers and hope these are the correct ones ;)
Conclusion : fibonacci at support level 0.618 and we should see a run towards 8950 (maximum). It could happen that we break the 0.618 fib level but if you look at the bottom of the image you will see that the RSI is very low and we have enough momentum, thus very likely we will see a run up.
DISCLAIMER :
We are not professional traders nor financial advisers. Please invest/trade at your own due diligence! You can't hold us responsible for losing money on trading signals we give you. You and you only take responsibility if you buy crypto and lost on these trades. So do your own research before buying. Our trading signals are purely informational.
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