Hello everyone. Bitcoin dived on Tuesday on the news of rocky rollout of the El Salvador experiment. A flash crash of 17% just in a day. I thought the chart got some issues after having a bottle of water. It's pretty scary. That magnitude price movement would trigger a lot of margin calls. So, be careful, you're trading with leverage.
On the daily chart, we can clearly see that price rebounded from the 61.8% fibonacci retracement, coincidentally, level happens to be the place where my mid and long term MA sat.
Technically, if the daily closing price of today is higher than yesterday. The likelihood of going up is very high.
Also, after the big downside move, sellers need to take some rest.
I've marked 3 targets on the chart for reference. Give me a like if you're with me.
On the daily chart, we can clearly see that price rebounded from the 61.8% fibonacci retracement, coincidentally, level happens to be the place where my mid and long term MA sat.
Technically, if the daily closing price of today is higher than yesterday. The likelihood of going up is very high.
Also, after the big downside move, sellers need to take some rest.
I've marked 3 targets on the chart for reference. Give me a like if you're with me.
Comment:
The daily closing price is lower than the previous day. The bullish momentum is greatly weakened. Price is going down to seek support. Let's see.
plan your trade and trade your plan
