BTC is currently encapsulated in a Fib Circle.
I expect to move around the Turquoise & Blue Circle for a while.
Breaking 9000 and staying there would be a good bull run confirmation for me.
We shall see how it develops.
For now... it will bounce between those circles.
It might not bounce *exactly* on it, but it acts as a strong support right now.
As you can see, it dropped below it a few days ago only to pursue it again.
Look at the outer circles. Whenever the price entered a new area, it changed it's behavior.
Regarding the recent price: Observe the pump breached the turquoise circle and hit the blue one - then stopped.
Afterwards it remained "trapped" between those two points of resistance and support.
And I'm not setting the fib circles the conventional way.
This circle was setup 2 weeks ago, and it fit almost perfectly (with a slight $200 deviation)
It is my own technique that I call "Fib Circle Triangulation" - you can look it up here:
And sorry I forgot to say: I'm choosing the center based on resistance and support patterns.
If you look at the price, you can see that most of the time it resembles a circle at some point of another.
I'm looking for 3 points of validation (support and resistance) before I place the circle, so I get a bit of science in the mix.
I'm saying that it will move inside this circle.
I saw something similar a month back, and it went down went it reached the middle of the arc of the circle.