Pretty ugly chart, but we'll look past that for a bit.
BTCUSD has been making multiple M formations over the last few weeks and it appears we are retesting the neckline of the M that began at $7,200. By formation, the target for the decision point lies in the range of $8,300, along the .236 retracement point on the fib levels running from $6,000 to $11,800.
If the neckline holds, we will remain within the symmetrical triangle and most likely retest the upper bound in the range of $8,700 to $8,900. However, if the neckline fails, we will most likely retrace to the .786 levels on the fib levels from $7,200 to 9,200, which would place us in the range of $7,700.
I am relatively bearish, given the lack of buying pressure and weakening sentiment of the market. This momentum might also accelerate on the implementation of the petroyuan (to compete against the petrodollar) on Monday, March 26th, which has been pushing down the US stock markets over the last while. Given bitcoin's tendency to hold hands with the stock market in volatile intraday markets, it is likely we will follow and mirror any extreme moves.
More information on the petroyuan implementation can be read about here: www.zerohedge.com/ne...-killing-petrodollar
Let's see how it plays out.
BTCUSD has been making multiple M formations over the last few weeks and it appears we are retesting the neckline of the M that began at $7,200. By formation, the target for the decision point lies in the range of $8,300, along the .236 retracement point on the fib levels running from $6,000 to $11,800.
If the neckline holds, we will remain within the symmetrical triangle and most likely retest the upper bound in the range of $8,700 to $8,900. However, if the neckline fails, we will most likely retrace to the .786 levels on the fib levels from $7,200 to 9,200, which would place us in the range of $7,700.
I am relatively bearish, given the lack of buying pressure and weakening sentiment of the market. This momentum might also accelerate on the implementation of the petroyuan (to compete against the petrodollar) on Monday, March 26th, which has been pushing down the US stock markets over the last while. Given bitcoin's tendency to hold hands with the stock market in volatile intraday markets, it is likely we will follow and mirror any extreme moves.
More information on the petroyuan implementation can be read about here: www.zerohedge.com/ne...-killing-petrodollar
Let's see how it plays out.