Following up on my previous idea, we have indeed seen a generally bullish move here. I am however updating the midpoint to a new level (breakout point, circled) which gives us a slightly higher target zone of 11430 and above. When more bullish pressure builds as it has in this cycle, it can skew bullish targets to the upside.
I have removed all other fib levels on this chart to emphasize how this method works: The 100% fib level is placed on a significant swing low, 9323 in this case. Then the fib tool is drawn and expanded upwards until the 50% fib level is placed through what can be perceived as a midpoint, or the halfway point, of this current upmove. The 0% fib level then tells you where you can expect price to reach before this up cycle is over. So I'm positioned long here and will sell some longs when the 0% level is reached. Whether or not the 0% level (11430) will be a good place for shorts remains to be seen. Don't always expect a major pullback when the target is reached, sometimes price will just pause or correct slightly. That might be the case here as I sense a larger more powerful bullish move on larger timeframes is moving back into BTC. Great times ahead!!
I have removed all other fib levels on this chart to emphasize how this method works: The 100% fib level is placed on a significant swing low, 9323 in this case. Then the fib tool is drawn and expanded upwards until the 50% fib level is placed through what can be perceived as a midpoint, or the halfway point, of this current upmove. The 0% fib level then tells you where you can expect price to reach before this up cycle is over. So I'm positioned long here and will sell some longs when the 0% level is reached. Whether or not the 0% level (11430) will be a good place for shorts remains to be seen. Don't always expect a major pullback when the target is reached, sometimes price will just pause or correct slightly. That might be the case here as I sense a larger more powerful bullish move on larger timeframes is moving back into BTC. Great times ahead!!
