Bitcoin dropped 150 points on Kraken, a mere 3 hours after we suggested a short on these pages a couple days ago. The question has been privately asked by several: “Is that it, or is there more of a fall coming?”
My response at the time was that I did not know; I was waiting for the market to a give a clue. Since then, it has given a modest clue, I believe. It is looking likely that the next leg will be up.
Erik Beann, the genius behind Wave59, developed a wonderful tool called the Fibonacci Vortex. It essentially calculates a Fibonacci spiral which when placed on a swing high or low can be used to visualize support and resistance as it relates to time, as well as calculate times when change is likely.
Here is a picture of the vortex on my daily chart:
As you can see, the lower of the blue arrows marks where the rally began in earnest as soon as pricetime was able
Read more ... source: CryptoCoinsNews
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