Technical analysis by RedPillVision about Symbol BTC: Buy recommendation (7/17/2023)

The Bitcoin Cheat Sheet Drawing fib extensions from cycle lows to cycle highs reveals that, historically, the 0.786 weekly reclaim represents a massive buy opportunity. The trade is not active until a *weekly close* above the 0.786 at $17,284.2 takes place. GLHF 🤝Comment: I've performed the analysis on the index for every cycle in the asset's history: The First Cycle: The Second Cycle: Since there was never a close below the 0.768 there's no trade here. The Third Cycle: The Fourth Cycle: Present:Comment: For clarity, I will reiterate: The weekly candle closing above the 0.786 is key. There is no way I would try to front-run this setup. Some may see prices at this level as historically cheap, and they would be right; however, history also shows us that it could drop an additional 30-50% once the 0.768 is broken with a weekly closure to the downside. For me, waiting to buy on weekly confirmation is worth the extra cost per Satoshi.Comment: Above the pivot on a Monday. Let's talk on Sunday. Officially on breakout watch. 👀Trade active: History suggests that this is the bottom. Invalidated upon a weekly closure back under the 0.786 pivot, which has never happened in previous instances. Good Luck. 🤝Comment: Are ya winning, son?Comment: A sizable pullback may be in the cards soon™ IMO: Any dips above the invalidation point are opportunities for buying. 📈