Bitcoin | The Gold Forecast

Bitcoin abides by more technical rules then all others

Friday, May 29, 2020 - 19:47 by Joseph M. Wagner II

We have been somewhat surprised since mid-March by the consistency in BTC’s ascension. Not by the increased value itself, but by the timing and structured nature of the spring 2020 rally in Bitcoin.

Bitcoin is making a tradition of an early harvest so to speak. For the last two years BTC futures bottomed from mid-February to mid-March, only to bloom by the middle of April to a full blown running of the bulls. The most interesting fact to all this is that shows BTC’s characteristic moves based on logic itself to technicians is that last year on May 28th ,2019  the intraday high was $9,050. Putting it a mere $100 away from where it opened yesterday May 28th, 2020 ($9,145). The two dates have Fibonacci circles at their center. 

Try, try and try again? BTC as shown drawn in on second chart, with solid green lines representing the first three impulse waves and the black solid lines for the current triple parallel trend formation. Notice how the first set of three waves that each upward price surge takes the price exactly from one Fibonacci line and concludes two levels higher. Not only do the impulse waves follow the most common 5 wave cycle in wave theory, but the corrective also follow strictly Fibonacci fundamentals. Notice how the corrective counter waves end exactly one Fibonacci level higher than the start of the previous impulse wave, To put simply the wave count takes the price of the first wave two full levels higher precisely before wave two moves the price one level lower. Two steps forward, one step backward. 

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Previous Reports:

Thursday, May 28, 2020 - 19:29
At the moment (4:45 PM EST) bitcoin futures are trading back in the bullish trend channel that it had broken out of on Tuesday and was resistance yesterday. This also harmonizes with our 78% retracement at $9,249, which is exactly were the market closed yesterday. As of right now Bitcoin is trading back where it opened exactly one week ago, last Thursday. This along with a few other indicators... Read more
Tuesday, May 26, 2020 - 16:33
After a nearly ten week climb from the bottom at $4,210 that took it to $10,000 Bitcoin futures have left the recent upward channel breaking clearly below it in trading today. The support line I am referring to (dashed red line in first chart) was touched upon nine times on the way up to $10,000.  What was surprising was the fact that the high point of this rally coincided with our long... Read more
Friday, May 22, 2020 - 18:52
Last Friday we spoke about my long term projected price average and although it was not intended as a support/resistance line it did indeed prove to act as resistance as the rally of the lows in mid-March was stopped dead in its tracts May 7th and 8th.  In both days edging over this line intra-day only to close below it like every other candle so far this year. Today I want to focus on the... Read more