ALWAYS BET ON BLACK - Update 28

BULL MARKET CONFIRMATION - HOW HIGH CAN IT GO?

As you already know all price increase is followed by retracement. We are now sitting at 61.8% retracement from the major run of the last few hours.

If you do not believe in this then watch these videos:

If you do not know how to use Fibonacci Tools in Bitcoinwisdom Charts then look at the previous reports:

Fibonacci Retracement: http://www.dailyblackcoin.com/always-bet-black-update-14/

Fibonacci Extensions: http://www.dailyblackcoin.com/always-bet-black-update-21/

I will use Fibonacci Extensions and Retracement to do a quick analysis of the current situation of the market and possible future moves.

First the current situation of Fibonacci Retracement:

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I will use the Fibonacci Extension tool to set some possible prices at which the market is likely to pause, retrace for a next run, or change trends to a downward run.

Typically this tool is best used when you have a break-out (up or down) to guestimate where the price might go in the next move.

First graph shows the current condition and where might we go if we have bull run to the upside. Again these points will be validated when we break from the previous high of 37.8K.

The possible next price stops given a continuation of the bull run are: 42.6K at 161.8% and 50.6K at 261.8%.

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Now I will show you how previous analysis of each break-out was pointing to the 37.8K previous high. This number is a difficult resistance to cross given our two previous attempts making this our third attempt.

You can see three possible outcomes: 32.5K, 36.78K, 43.8K

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For the second retracement we get the 32.8K, 34.8K, and 38K. Important to note that each of those numbers generated some type of retracement.

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For the third retracement we get 36.7K, 39.4K, and 43.8K. Please note that these extension numbers point to future resistance levels and this levels become more valid when such levels have been support floor in the past or previous highs from the past.

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Note that in most analysis we are getting a major resistance level in the 42 to 43 K which agrees with the two previous attempts at breaking this resistance.

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Buy-Black

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