With today's Bitcoin push to a new high it seems this
co-relation chart is no longer valid and as such I have hopped back
on the bandwagon. Opened a position in ETHE and will get some
GBTC on pull back. Bitcoin $50k is coming. Will look
for further analysis on which coins are holding back again for the
catch up trade like CAN a while back.
Posted by jtsurfah on 26th of Jan 2021 at 09:23 pm
Just eyeballing it but looks like a standard 61.8% fib
retracement? Maybe only 50% depending on where you draw the lines.
Point taken though, if it broke out from 12k and went to 42k, a
standard fib retracement is a big, big move. It finally
retraced enough to come back in the EMA ribbons on the daily chart,
but on the weekly chart my closest ribbon is still down at 23.2K.
Setting a new buy order there. Haha.
Posted by jtsurfah on 26th of Jan 2021 at 09:39 pm
23K on BTC also happens to be about the 50% retrace of the
entire move (from 4k in April of 2020). It would have to fall to
18.5K to get a 61.8% retracement.
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Amazing bitcoin 2017 ~ 2020
Posted by goldnice on 26th of Jan 2021 at 08:55 pm
Amazing bitcoin 2017 ~ 2020 analog chart from Morgan Stanley Research. The correlation is unbelievable. Something to keep in mind. Good luck to all.
With today's Bitcoin push to
Posted by fredsaid on 8th of Feb 2021 at 10:57 am
With today's Bitcoin push to a new high it seems this co-relation chart is no longer valid and as such I have hopped back on the bandwagon. Opened a position in ETHE and will get some GBTC on pull back. Bitcoin $50k is coming. Will look for further analysis on which coins are holding back again for the catch up trade like CAN a while back.
Just eyeballing it but looks
Posted by jtsurfah on 26th of Jan 2021 at 09:23 pm
Just eyeballing it but looks like a standard 61.8% fib retracement? Maybe only 50% depending on where you draw the lines. Point taken though, if it broke out from 12k and went to 42k, a standard fib retracement is a big, big move. It finally retraced enough to come back in the EMA ribbons on the daily chart, but on the weekly chart my closest ribbon is still down at 23.2K. Setting a new buy order there. Haha.
23K on BTC also happens
Posted by jtsurfah on 26th of Jan 2021 at 09:39 pm
23K on BTC also happens to be about the 50% retrace of the entire move (from 4k in April of 2020). It would have to fall to 18.5K to get a 61.8% retracement.