Hello everybody, in this post I just wanted to share where I have drawn regular support and resistance areas and fibonacci retracement levels for BTC/USD on the Weekly chart only. I believe since the Weekly chart is the longest time-frame that makes sense to look at for cryptos since they are so new compared to stocks (where Monthly charts are looked at), these will be the strongest levels to watch when trying to figure out where Bitcoin price may go.
Below is the Weekly chart for BTC/USD on Bitfinex with my support and resistance lines drawn:
As you can see, we are currently at a Weekly support level around the $7,378 level. This support zone actually matches up very well with this 0.786 Fibonacci Retracement level:
I therefore believe that this is a very critical time for Bitcoin, because if price closes below them two support levels on the Weekly chart then, as you can see, the next support level is way down at $5,782.
Let's finally take a look at another possible Fibonacci Retracement Tool placement for BTC/USD and what this might tell us:
On this chart I have placed the Fibonacci Retracement tool's low at $0 and its high at the highest price bitcoin ever reached, near $20,000. Basically this shows us that if we close below $7,600 on the Weekly chart then we could very well expect Bitcoin to the $4,250 level. Of course, if it managed to come back up and close above $7,600 before the current Weekly candle closes in 6 hours then the 0.618 has held and it doesn't look as bad.
My overall thoughts:
If the Weekly closes below $7,381 then we can expect to see $5,781 by the end of next week. On the other hand, if price comes back up and closes above $7,616 then we can breathe a sigh of relief, for now anyway.
Thank you for reading and let me know what you think in the comments below, have a great day :)
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
What if weekly candle closes on monday on one exchange and on thursday on another? The candles can differ across the exchanges. I am just trying to say that it doesnt mean anything that weekly candle closes below or above 7600. It is just a moment in time picked arbitraty and quite randomly.
If that is true, then we panic and run for the hills.
Do what you want. I use @quickfingersluc strategy combined with EW. So i sold at 9800 and rebought at 7600.
So that guy is profiting from 95-100% of his trades (obvious scam talk, no one profits anywhere near that amount long-term) and yet I could literally buy a $20 webcam that is better quality than his... and his background looks like hes living in poverty... Lol.
To be honest anyone who is on here or youtube or anywhere trying to flog their trading methodology is clearly not making any income from trading and that is why they are doing the teaching. It is not out of the good of their hearts that they are "teaching" people, lol.
Yes. It sounds like a scam talk. It was my firs impression too. But I do not follow my instincts, so I checked what it is all about. So I tried try his method and it just works. This win ratio is really easy to achieve if you are disciplined. I guess you just read the headline, you simply do not know the concept. The guy don't want any money for his teaching. That makes him reliable. He created big community of traders using his method (slack channel, forum, trading tool showing base cracks) and I am 100% sure he is honets (not like haejin ;)).
What is youor concept of being reach? Mayby you share your taste with Donald Trump? Mayby Luc is minimalist? Mayby he does not give a fuck about the cam, because it is not important at all.
So do not follow the bias blindly and mayby you will learn something new ;). It is just different trading mindset, totally different than predicting the future.
Wtf has Donald Trump got to do with any of this? Lol...
You are telling me 95-100% is really easy to achieve? Lol, if so please kindly leave my blog and don't come back. I'm pretty sure you are @quickfingersluc on another account to be honest.
There is absolutely 0.000% chance anybody is profiting every trade, it's just total horse shit.
And I actually did watch some of his stuff, all he does is talk about what he WOULD have done or already HAS done, not what he is going to do, that's absolutely useless to anyone. Also I haven't seen any proof of his trades, so who knows if he is even taking the trades he said he did? I'm not going to believe he took trades based on some arrows on that chart tool he promotes either.
https://steemit.com/trading/@quickfingersluc/bitcoin-usd7-500-i-m-selling-while-everyone-is-buying-am-i-nuts
^ He sold at $7,500 4 months ago and then price went up to nearly $20,000... lmfao great decision there! But I thought his method was 100% successful?
Yeah, come up with some more conspiracy theories. Mayby there is an army of bots advising his strategy lol. But what for if he does not profit from new followers? What is my interest and purpose of writing it? All you say is a bias, because you only know clasical TA, wchich really is mumbo jumbo, that only sometimes works. I follow many TA and most of them are constanlty wrong. There was a pol, people were asked if they are profitable using luc's strategy. Dig it.
He will not tell you what he will do because he is not predicting the future like you do. He gives you simple rules. Wait for the base crack, buy the dip, sell when it comes back to the base. The price may go down or up in long term, but it doesnt matter with this strategy. It is reactive trading and I don't know why you do not get it, it so simple. If you want to make sure if the strategy work just analize BTC or ETH chart, and find me one base crack that was not respected. The price always comes back to base and this is 99% sure. Sou you profit from almost every trade. Imagine your accound groving every single trade. Hmm, maybe you loose to often to believe that it is possible?
And don't tell me what to do, because you sound like a lilttle angry retard. If you publish someting here you do not tell people to leave. Just stop publishin if you dont want me to read.
He sold at 7500 so? He didn't loose 75% when it fell from 20K to 5,5K and this is impotant.
lol chart tool he promoes? It is free of charge for 30 days and most of traders know it allready. Jesus.
And you can stick your mumbo jumba TA in your huge ass. UNFOLLOW.