Welcome back to another update, today we will have a look at the BTC chart, where a new gap has come to fruition.
Will this gap get filled sooner rather than later?
Points to consider,
- Price testing .618 Fibonacci
- Strong down trend resistance
- in oversold conditions
- Stochastics in lower regions
- below average
The trend has been putting in consecutive lower highs, establishing a very strong downwards sloping resistance line. Support currently is held on the .618 Fibonacci level, a strong area theat needs to hold true.
The is currently oversold; an oversold bounce looks imminent as the stochastics is in lower regions. Stochastics can stay here for an extended period of time, however lots of stored momentum to the upside.
is well below average, this signals that a move is imminent as price travels closer and closer to its apex.
Overall, in my opinion, BTC is probable to respect the .618 Fibonacci level due to oversold indicators. A filling of the GAP may come to fruition sooner than later, very similar to the previous most recent gap (chart linked).
What are your thoughts?
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“The market can stay irrational longer than you can stay solvent.” – John Maynard Keynes
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