[Chart] Old resistance to become new support?

[darkangelosme]

Looking at the current price structure of Bitcoin, it seems like a good chance the the 0.618 fib retracement level around $53K will be re-tested before continuing the healthy uptrend. Similar to September, price corrected back down to the strong volume support zone (and previous resistance) of $40K from $53K with a 25% correction (to turn it into new support) after an 80% increase.



To me it seems likely that a 20% correction to the low $50Ks will now take place after a 70% increase, also lining up nicely with the 50 Day MA that's rising in a bullish manner. I also don't doubt that price could have already established a local low and continue up from here, but if recent price history is anything to go by, the healthy correction may continue a little longer before finding a new ATH in November.

What are your thoughts, is the bottom already in or does price a little further down to go before new ATHs?

No further explanations i think Bitcoin will never be in 40,000 USD or 50, 000 USD again and it will continue till it becomes 100,000 USD that is my opinion so it much better for us now to buy some if we have same mindset.

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[dragonvslinux]

So my initial theory a month ago that Bitcoin would re-test the 0.618 fib retracement level after $65K was re-tested was flawed, given price shortly after moved higher.

Regardless of the time-based inaccuracy, the fractal itself however remains very relevant it seems taken from the $69K new ATH, now that price has re-tested the 0.618:



I therefore wouldn't be surprised to see further consolidation at current prices, before further upside and new ATH, now that price is at the equivalent correction level when previously at $40K.

[Joshua Jackson]

I Love this analysis so much. it is very revealing. makes reading charts very easy and opens up alot of perspectives that i was not considering while looking at the chart. this is a great content. thanks a million for this

[STT]

Significant area around here so its been a good call, think I have the low or support likely to be 52k.   Its not impossible we put in the low with the recent pricing, its back above the 12hr average but my guess the test and confirmation of support must come next week with full volume.  Watch 54.5k but I think its just a trading game for the weekend.
  The way I would frame it overall, we are half way between the peak and July lows and which way the market goes is not yet clear but this area is a good point to label a hurdle in resistance/support.

[dragonvslinux]

Significant area around here so its been a good call, think I have the low or support likely to be 52k.   Its not impossible we put in the low with the recent pricing, its back above the 12hr average but my guess the test and confirmation of support must come next week with full volume.  Watch 54.5k but I think its just a trading game for the weekend.
  The way I would frame it overall, we are half way between the peak and July lows and which way the market goes is not yet clear but this area is a good point to label a hurdle in resistance/support.

Now that price has found support at the 0.618 on the shorter-term time-frames, I've gone for a high leveraged (10x) long position with tight stop loss 
It's rarely what I do, but rarely do I see such a good risk/reward opportunity, even if price only makes it back to $56-$57K before going lower again...
I don't doubt price could re-test $50K, or even lower to the $46K level where the 200 Day MA & volume support lies, but in the short-term expecting a dead cat bounce at minimum before futher downside.

[adaseb]

Bitcoin doing what Bitcoin does best. Basically ran the stops to the downside and then went higher and broke multiple resistance areas. I unfortunately exited my long because I assumed the weekend would be all chop and I didn’t like how the funding was positive when we were trending down. Seems like a liquidation domino effect would be triggered to the down side, however I was wrong.

Wanted to long in the $48-50K area instead. There is a fib in that area from the $28K low to the $69K high. Much better RR in that area when you consider to the fact that we might break $69K and head to like $74K. Around 50% profit for very little risk.

[Chato1977]

So my initial theory a month ago that Bitcoin would re-test the 0.618 fib retracement level after $65K was re-tested was flawed, given price shortly after moved higher.

Regardless of the time-based inaccuracy, the fractal itself however remains very relevant it seems taken from the $69K new ATH, now that price has re-tested the 0.618:

but then again today struggling to even reached that price again, it looks like the support to Bitcoin is decreasing time and over.

will we really see a progress this end year specially in the first 2 weeks of December?

or this is really a Bull Trap?