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Max Wiethe
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Bitcoin areas of support

Further to my post last week about Bitcoin support and resistance levels, the charts have progressed giving new pivots points to calculate from.

Following on from last week I mentioned there could easily be pull backs in the range of 36-38000 from the recent high of around 40000. Things went a little further than that but in no way negates what I was suggesting.

Using both a 4H and daily chart as reference (4H presented here) there is a clear wedge as marked by the thin blue lines.

The green lines need a little explaining. They point out not only obvious high/low pivots but more importantly a rare chart pattern called a Gartley which is like either a W shape or an M shape but more specifically it's a pivot within a retracement. It turns out that although I said there wasn't any confluence last week, there was a single Gartley pattern which formed and this ended up working as a point of retracement from the recent 40000 level after completion of a W Gartley pattern. What then transpired interestingly is ANOTHER Gartley pattern this time an M has formed on a 4H chart as an overlap from the previous W which is unusual and then just as the 40000 level was a resistance so too was the 34000 acting as support. You can see after the green line reaches 34000 there is a bounce back up to nearly 38000.

So where does that leave us today now that the... (More)


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