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    Home»Technical analysis»Bitcoin – The strongest support right now! 0.618 FIB
    Technical analysis

    Bitcoin – The strongest support right now! 0.618 FIB

    By TolbertiNovember 8, 2022No Comments
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    Bitcoin on the 4H chart
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    • Today I woke up and saw a massive red dildo and I have to make an update and give you an idea, so keep reading!
    • As you can see on the chart, the price went down pretty significantly, but is it really a problem? I don’t think so.
    • I detected an impulse wave that was completed a few days ago, and we are retracing this wave. There is nothing wrong with that. Currently we are at the 0.618 FIB retracement, which is a classic correction for an impulse wave (1).
    • The 0.618 FIB is a very healthy correction and usually the majority is selling while the smart money is buying.
    • If you think Bitcoin is going to 13k , let me know in the comment section.
    • Counter-trends are usually very steep, which can be seen on this chart.
    • Bitcoin is very weak compared to altcoins, very weak. This is an indication of an alt season to me.
    • For more analysis, hit “Like” and “Follow”!
    Nov 8
    Comment: It pumped extremely hard from the 0.618 FIB, as I expected, and the price retested the trendline. But the crypto market is crazy, and the dump followed.

    snapshot
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    Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.

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