After the strong Rally of April, the price is now falling together with all the crypto market. Some days ago price bounced right on the 200 EMA and now we are ready for another retest. Another thing to consider is the 0.618 which is considered as "the golden ratio". Bullish volume is also slowly taking control over the market. Both the 200 EMA and the 0.618 Retracement are inside the Blue Area and that will be our Current Support Area. What do i think it's gonna happen now? As always only two things can happen, but trading is a game of probabilities!
less probable: Test & Bounce higher
more probable: Break our Current Support and continue the bearish trend, hoping for some Bullish Strength only around the 915-870 area
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
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Both the 200 EMA and the 0.618 retracement are gone with today's big bearish candle. Hoping for some Bullish Strength only around the 915-870 area.
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Little Correction of the Bearish Trend Near the long-term Support. Will Bitcoin Cash Reach Our Support? There are high probabilities.