The recent low of 33722 retraced to 34472, and therefore the 786 fib retracement level is 33882, which we are very close to.
If we pass below the 786 fib retracement level forcefully, I think we are for sure going down back to $29k
I have seen the price rebound before in the mid point between the 786 and the full retracement level, at around $33802, so if it rebounds from there, then I have to re-analyze where the price is going.
In this post:
I talk about analyzing the waves going up and down using hourly candles. Using this method, I can see the waves down are very aggressive and shorter in timeframe, whereas the waves up take longer and are a mix of red and green hourly candles. Using this method of analysis leads me to believe that we are indeed heading downward.
This method of hourly candle comparison is confirmed by the hourly MACD and RSI. I will look at the hourly patterns to confirm the 4 hourly and then the daily.
I think the patterns (at this stage) indicate that we are going down back to $29k, but the candles may change. If they do change, then I will learn from this experience and readjust my thinking on these candles.
If we pass below the 786 fib retracement level forcefully, I think we are for sure going down back to $29k
I have seen the price rebound before in the mid point between the 786 and the full retracement level, at around $33802, so if it rebounds from there, then I have to re-analyze where the price is going.
In this post:
I talk about analyzing the waves going up and down using hourly candles. Using this method, I can see the waves down are very aggressive and shorter in timeframe, whereas the waves up take longer and are a mix of red and green hourly candles. Using this method of analysis leads me to believe that we are indeed heading downward.
This method of hourly candle comparison is confirmed by the hourly MACD and RSI. I will look at the hourly patterns to confirm the 4 hourly and then the daily.
I think the patterns (at this stage) indicate that we are going down back to $29k, but the candles may change. If they do change, then I will learn from this experience and readjust my thinking on these candles.