On the 10-6-18, bitcoin broke major support at about 7100, which isn’t surprising given that it coincided with a the formed just after we broke support on the 0.236 fibonacci.
However, it seems that bitcoin has since printed several reversal patterns.
Retracement to the 0 fib - right where the bulls want bitcoin to bottom out.
The formation of a mini right on the 0 fib retracement.
The formation of a mini , which is playing out on our potential bottom.
To take us back into a bull market, we are going to need to hold the pattern, and we need to see the price retrace above the 0.236. This will be difficult because it will require that we not only punch through resistance on the 0.236, but we are also going to have to break through our massive line of resistance that has formed through the last two corrections.
The fundamentals and the technicals could line up, and we may see these patterns validated IF the SEC approve a bitcoin . If this occurs, we could see a break out of resistance above the 0.236 around the 10th of August, which would be extremely .
Personally, this is all highly speculative and the fact of the matter is that we are in an overwhelmingly market, and bitcoin has had low and has been exhibiting signs of weakness. Breaking the 0.236 is extremely , and it would be naive to think that just because you want these mini patterns to be validated that they will. There’s no harm in protecting yourself and your capital by waiting for confirmation, which we’d get around the 10th of August, and would be signalled by a breakout above the 0.236 at around $7600.