BTC bounced again at 40.9k (near 40.7k which we have been looking at) and is just below 44k.
We are currently rejecting the .786 of the fib retracement, and right above us we have a descending trendline, a fib speed .618, a daily level at 44.8k and the fib golden pocket right above it.
You can see that we have a lot of resistance in this area and I personally don't expect BTC to break it.
This being said, should we break all of those resistances, it would be a real sign of strength for BTC indicating BTC will push much higher.
Of course if this happens I'll update you on the different scenarios, but for now BTC is clearly still in a downtrend and not showing any sign of strength, with resistance levels coming up.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We are currently rejecting the .786 of the fib retracement, and right above us we have a descending trendline, a fib speed .618, a daily level at 44.8k and the fib golden pocket right above it.
You can see that we have a lot of resistance in this area and I personally don't expect BTC to break it.
This being said, should we break all of those resistances, it would be a real sign of strength for BTC indicating BTC will push much higher.
Of course if this happens I'll update you on the different scenarios, but for now BTC is clearly still in a downtrend and not showing any sign of strength, with resistance levels coming up.
Any questions?
Good luck traders
Remember not to break your rules
Habib