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.