BTC has been sliding continuously within the downtrend for the past 7 days.
A retest of the 7700 level bottom is now occurring.
Probable bounce to the 8100 level then possible breakout of the bull flag to retest fib 0.5 8800 and higher
a lower low would invalidate or a breakout from the bottom of the bull flag formation of this setup.
what goes down must come up
A retest of the 7700 level bottom is now occurring.
Probable bounce to the 8100 level then possible breakout of the bull flag to retest fib 0.5 8800 and higher
a lower low would invalidate or a breakout from the bottom of the bull flag formation of this setup.
what goes down must come up
Comment:
Bulls on Parade!
Comment:
BTC has tested the 0.5 fib of 8311
currently, retracting to the 0.618 of 8194 with a small bounce
then retest the 0.786 8027
from there expecting to reach the 0.382 8428
then target of fib 0.5 9056 of the Sept 25th drop.
points of interest:
1. yesterday's daily rsi was < 30.
2. 9 days of retractment.
3. rejection of the retest for the 7700 bottom.
4. drops were tightening while pumps were gaining more momentum.
5. 200ma and 50ma crossing near.
IMO:
Whales have wanted to push prices farther down before displaying a fireworks show. Expecting to see their price action at a later time. 18th million bitcoin was minted this past Friday. Tether minted 5 million USD and injected into BTC. This rally may be short lived but personally I doubt we are going lower than the bottom on the left, for a while.
more updates to come
currently, retracting to the 0.618 of 8194 with a small bounce
then retest the 0.786 8027
from there expecting to reach the 0.382 8428
then target of fib 0.5 9056 of the Sept 25th drop.
points of interest:
1. yesterday's daily rsi was < 30.
2. 9 days of retractment.
3. rejection of the retest for the 7700 bottom.
4. drops were tightening while pumps were gaining more momentum.
5. 200ma and 50ma crossing near.
IMO:
Whales have wanted to push prices farther down before displaying a fireworks show. Expecting to see their price action at a later time. 18th million bitcoin was minted this past Friday. Tether minted 5 million USD and injected into BTC. This rally may be short lived but personally I doubt we are going lower than the bottom on the left, for a while.
more updates to come
currently 2hr, 3hr, 4hr bullish divergences confirmed.
a breakout of bull flag as mentioned above would see the flagpole length
up to 9051.
target: lamborghini
happy trading