Simple look at fibonnachi and how they may relate to BTC bottom

Simple look at fibonnachi and how they may relate to BTC bottom

Bitcoin / Dollar BITSTAMP:BTCUSD


I thought I’d compare some Fibonacci numbers to previous bull/ bear runs in BTC             for my own interest and also line up with the longer term log trendline . I also added in the lesser used .886 fibb level which lines up nicely with the bottoms in 2013 and 2015, depending on how you choose to line the fibbs up! In TA you can make most ideas work if you try! I also tried to work out where the spike throughs went. Now this isn’t a fibb number at all but in both 2013 and 2015 we retraced ~94% of the run. I’ve applied this to the 2017 bull run and if history repeats itself on this basis we shouldn’t get much lower than 4900-4000 with the long term trendline also acting as nice support.