BTCUSDT update - Crypto twitter is terrible
People on twitter only want up, so let's take a look at BTC and see what scenarios we have in play.
Please note for the next section: I drew the fibs upside down.
We hit 42.5k, a major resistance and we pulled back (~40k at the time of writing), pat yourself on the shoulder if you shorted it. Since we have fallen out of the trend line formed since the 21st of July, I would expect us to continue to and bounce off the .386, .5 or .618 fibs (37.5k, 36k and 34.5k respectively). We are only now re-entering from the overbought area so expecting further sell-off here.
After bouncing back from those fibs, the bullish scenario would be to visit the 44-50k range where we have some heavy resistances to push through. Fingers crossed for the bulls.
Please note for the next section: I drew the fibs upside down.
We hit 42.5k, a major resistance and we pulled back (~40k at the time of writing), pat yourself on the shoulder if you shorted it. Since we have fallen out of the trend line formed since the 21st of July, I would expect us to continue to and bounce off the .386, .5 or .618 fibs (37.5k, 36k and 34.5k respectively). We are only now re-entering from the overbought area so expecting further sell-off here.
After bouncing back from those fibs, the bullish scenario would be to visit the 44-50k range where we have some heavy resistances to push through. Fingers crossed for the bulls.