Major Bitcoin Trend Reversal coming later this month.
I want to point out the contemporary technical analysis first. 1. There are two areas I want to call your attention to: The thin horizontal line below the last candlestick and the blue arc also right below the last candlestick. The horizontal line represents a strong Fibonacci line within a Gann Square. The arc represents a very important and powerful support zone. The arc needs to act like a shield on Star Trek. Price needs to be rejected from this area in order to have a continue bullish bias. If it does not, then we are most certainly visiting much lower price ranges. 2. This green triangular shape is a Gartley Pattern called a Bullish Shark. The Bullish Shark tells us that a change in trend can happen very soon.
3. Confluence of time cycles = the REAL reason for price trends 1. March 17th - Moon Phase begins. 2. March 18th - Mid-point of a Gann time cycle, an important square in time. Perfect square of price and time on this date with the squared price being 9375. Also, and more importantly, a 90 day time cycle ends. The 90-day time cycle is the most important and powerful division of the one-year cycle.
Let's break this 90 day cycle down. - It is the most powerful division of the one-year cycle. - High probability of support and resistance at this cycle. - 90 days up or down will usually start a countertrend movement and/or reverse the trend - Against extreme momentum and/or pitch, can go 99 days
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Time is the real catalyst of price. News is just a reaction to predetermined natural time cycles. Human reactions to time produce 'reasons'/excuses for why price moves a certain direction.
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Gartley on Daily completes at 7400 on March 29th
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Added 5 contracts at this level, rare Cypher pattern coming into formation