1 year ago
In this occurrence of NewsBTC’s daily method investigation videos, we analyse however Bitcoin mightiness person bottomed precisely astatine the 1.618 Fibonacci extension, utilizing Elliott Wave Theory.
Take a look astatine the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 29, 2022Using the Fibonacci retracement instrumentality not for retracement but for extensions, we person recovered a aureate find utilizing math.
Did Bitcoin Bottom At The Golden Ratio?In Elliott Wave Theory, corrections travel successful ABC patterns. Taking the Fibonacci retracement instrumentality to gully from the bottommost to the apical of the A question volition supply a Fibonacci hold people for wherever a C question correction mightiness end. The wick down to $17K touched precisely astatine the 1.618 Fibonacci with pinpoint accuracy.
1.618 is the aureate ratio, besides known arsenic the divine proportion.
Bitcoin downtrend stops astatine precisely the aureate ratio | Source: BTCUSD connected TradingView.com Past Bear Market Bottoms Pinpointed With Golden AccuracyShocked by this discovery, we utilized the aforesaid strategy to analyse the 2018 carnivore market. Lo and behold, the people terminated astatine the golden ratio yet again. To show this, we person drawn successful the B question descending triangle, and taken the Fibonacci hold from the bottommost of the A question to the apical wherever it began. As you tin see, this projected the carnivore marketplace bottommost perfectly.
Zooming retired further, could this truly person happened successful the 2015 carnivore marketplace also? Adding yet different ABC correction, the aforesaid signifier fits, albeit not rather arsenic precisely astatine the remainder of the analysis. Still, its close capable wherever the aureate ratio could intelligibly beryllium a origin successful wherever Bitcoin yet bottoms.
Bitcoin has bottomed astatine the aureate ratio successful each carnivore marketplace | Source: BTCUSD connected TradingView.comRelated Reading: Bitcoin & The Hunt For A Green October | BTCUSD September 27, 2022
Could Fibonacci Project The Next Major Peak In Crypto? We present cognize that projecting extensions from the A question gives america the C question bottom… hopefully. But however does this enactment erstwhile projecting a people to the upside? Drawing from the 2017 highest to the carnivore marketplace bottom, projected the apical of the 2021 bull market.If the aforesaid is existent for the adjacent bull market, overmuch similar each carnivore marketplace has repeated, the aureate ratio could instrumentality Bitcoin to a terms of much than $161,000 per coin.
The adjacent Bitcoin highest could beryllium implicit $161,000 per coin | Source: BTCUSD connected TradingView.comLearn crypto method investigation yourself with the NewsBTC Trading Course. Click here to entree the escaped acquisition program.
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— Tony "The Bull" Spilotro (@tonyspilotroBTC) September 28, 2022
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