According to this indicator it is.
During both of the previous bull cycles when the price touched or almost touched the 0.382 Fibonacci retracement level, Bitcoin pulled back considerably and consolidated until the final (and more aggressive) parabolic bull run.
To be more specific:
In 2012 the price declined roughly -50% upon testing the 0.382 Fibonacci and...
Litecoin is trading on a very simple pattern. On the Fibonacci Channel, every level crossed eventually turns into a support. While this support is provided, LTC is targeting the Lower Highs of the former bear cycle. If this sequence is sustained then the next targets are 185.000 and 370.000.
Well it is true. Both targets are possible even on a short time frame based on my latest analysis.
Yesterday we had a very favorable development on the short term price action. Bitcoin broke the 8200 4H Resistance and is now testing the 9000 level. This is the Resistance on 1D which if broken opens the way to 10400 initially. The second bullish development was...
Gold has entered its 5 year Resistance Zone (1350 - 1365). This alone is an immediate sell signal. What's even more interesting though (and a stronger reason to go short on Gold) is the cycle that the metal tends to seasonally follow every 1.5 years.
The chart speaks by itself. I have distinguished two time periods: 2017/18 and 2019/20. Every time the price...
Haven't looked into Ethereum for a while and the reason is because it has been trading on an incredibly steady bullish pattern. The price has been accumulating, then spiking to a standard peak, profit taking. Then the process is repeated.
What stands out as the strong signal of an upcoming rise is the crossing of the MA50 and MA200 on the 4H chart. The MA200...
Pattern: 4H Rectangle (blue shape).
Signal: Bullish every time it hits the 1W Support Zone (1) or if 54.85 breaks (2).
Target: (1) = 54.80 (2) = 57.45.
*The break out from the 1D Lower High (dashed line) practically gives a bottom signal waving a medium term bullish reversal.
Last week Bitcoin closed its first bearish 1W candle (-7.32%) since April 21 (-2.82%), which was the strongest red candle since February 24 (marginally as this one was at -7.34%, the next one was at December 2 at -17.91%).
So how bad can this be for BTC? A quick answer is not bad at all! Such a formation doesn't hurt Bitcoin's bullish chances, in fact it enhances...