Ledn CIO @john_w_glover BTC TA:
As I will be away on vacation starting Friday for a week, I’m sharing the Technical Analysis report with the team a day early this week.
I wrote last week about Fibonacci retracement targets, being 23.6%, 38.2%, 50%, 61.8% and 100%. This is the percentage that a corrective wave is expected to retrace before the next wave in the sequence begins.
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For a wave (ii) correction (yellow line below), which we are currently in, the most common retracement levels from empirical evidence are 50% and 61.8%, which is why I’ve been looking for a test of the $89k to 93k level. However, it is possible that the sell off to $98k earlier in the week satisfied the correction as it neared the 38.2% target.
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My personal view is that we have another push lower before the next big leg up, so am still looking to $89k - $93k as the next buy level.
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Not Investment Advice: Information is intended for general and educational purposes only. Not to be relied upon as forecast/research/investment advice, and not a recommendation to buy/sell any assets or adopt any investment strategy.
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