Good day ladies and gentlemen it’s Trader Cobb here on the 24th of October and jeez I’ll tell you what we’ve we’ve seen the alts have a pump we’ve seen some good activity coming back to some of these alts the last sort of what probably that eight hours actually hopefully it’s beginning of what we will see another big old pump but you know that’s that’s great hope your opposition well hope you’ve got the coins at that you like because we have some very bargain prices available at the moment especially leading up to the movement today what I’m gonna do those have a look at Bitcoin why well because you know it’s moved a long way again so I just want to sort of do a bit of analysis as to where we could possibly pull back to the areas that I think you know if we do find a high here where we won’t fall back to and the reasons why so what I’m looking at the bigger pull backs like I did back when we hit 3000 you know I like to work in the weekly timeframe so I like to use the weekly for working out my pullback so you know let’s just take a bit of history again we pull back into this moving average zone here then we move very very well we pull back in this moving average zone hearing 3000 we move very very well so for equilibrium to be you know reaffirmed or for us to get back to equilibrium I should say we want to see ourselves pulling back into this moving average zone somewhere there’s good convergence on the indicators there’s no sign of this trend you know reversing on the weekly very good higher highs and the MACD see as the price is made higher highs and I’m gonna use my trusty Fibonacci I mean it look it’s it’s my favorite tool when I’m looking at where to pull back to so we’re gonna go from the low here up to the high here and just see what we’ve got so look the first level is definitely going to be around this 4500 this 50% and 4500 it’s a round number it’s a mid number between you know you’ve you know four and five thousand and also it look it’s not the old highs but it’s in and around that area so I’m cool with that it’s also the upper end of by all the moving average channel that I like to work with okay so look my my perspective on this weekly is around this 4500 level of you where the bio to start being placed I’m also going to do a double fib from the most recent was the last one up and see if we get any clusters yeah look we’ve we’ve got a cluster here the around this 4500 area as well you know get the 38% on the last move and the 50% on this move we’ve also got let me just make sure I’ve made sense that so the 61.8% is then around 4200 what have we got there anything else matching up there no get rid of that no 4,000 obviously it’s a 50% of the last move up but look realistically yeah 4500 down to you know roughly about 4200 it is designed that I’ve been looking at it’s it’s a good effort to pull back to maximum 4,000 you know if we pull back to 4,000 that would be quite a significant pullback but we could happen it might happen like we did on 3000 a quick spike down to that level but you know I’d be suggesting for myself personally this is obviously not advice for anyone else my analysis would suggest that you know buying Bitcoin around 4500 for my first few orders working down to that 42 and maybe having it you know in reserve an order of 4,000 just in case would be my perspective on what how I’m going to play this out but for now obviously there’s quite a bit coming up on Bitcoin what’s going to happen I don’t really know guys look I’m just technical analyst reading charts it happens to be that um you know what we looked at in the past and the charts has worked there quite well so you know I’m going to keep doing it I’ve been doing it for a long time I trust in my analysis and 4,500 is kind of the level slipping down to about 4000 but 45 to 4200 here’s my pullback positioning for Bitcoin that may change if we continue to break out to new highs I’ll continue to redraw my fibs and see if that number does does change at all anyway guys that’s my little two cents worth for now have you done well bye for now.

By Trader Cobb -

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