Skip to main content

Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin might have bottomed precisely at the 1.618 Fibonacci extension, using Elliott Wave Theory.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 29, 2022

Using the Fibonacci retracement tool not for retracement but for extensions, we have found a golden discovery using math.

Did Bitcoin Bottom At The Golden Ratio?

In Elliott Wave Theory, corrections come in ABC patterns. Taking the Fibonacci retracement tool to draw from the bottom to the top of the A wave will provide a Fibonacci extension target for where a C wave correction might end. The wick down to $17K touched precisely at the 1.618 Fibonacci with pinpoint accuracy.

1.618 is the golden ratio, also known as the divine proportion.

Bitcoin downtrend stops at precisely the golden ratio | Source: BTCUSD on TradingView.com Past Bear Market Bottoms Pinpointed With Golden Accuracy

Shocked by this discovery, we used the same strategy to examine the 2018 bear market. Lo and behold, the target terminated at the golden ratio yet again. To demonstrate this, we have drawn in the B wave descending triangle, and taken the Fibonacci extension from the bottom of the A wave to the top where it began. As you can see, this projected the bear market bottom perfectly.

Zooming out further, could this really have happened in the 2015 bear market also? Adding yet another ABC correction, the same pattern fits, albeit not quite as precisely at the rest of the analysis. Still, its accurate enough where the golden ratio could clearly be a factor in where Bitcoin ultimately bottoms.

Bitcoin has bottomed at the golden ratio in each bear market | Source: BTCUSD on TradingView.com

Related Reading: Bitcoin & The Hunt For A Green October | BTCUSD September 27, 2022

Could Fibonacci Project The Next Major Peak In Crypto? We now know that projecting extensions from the A wave gives us the C wave bottom… hopefully. But how does this work when projecting a target to the upside? Drawing from the 2017 peak to the bear market bottom, projected the top of the 2021 bull market.

If the same is true for the next bull market, much like each bear market has repeated, the golden ratio could take Bitcoin to a price of more than $161,000 per coin. 

The next Bitcoin peak could be over $161,000 per coin | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

from NewsBTC https://ift.tt/hISELms
via IFTTT

Labels

Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more