In my previous chart, I indicated two targets for the bear scenario on BTC
both where reached almost exactly for reference ( ). Which can indicate that the point used for analyzing the market was decent enough for future reference? Since then we had some textbook scenarios. Most where FIB extension levels that were reached and caused minor reversals down. In the larger perspective, the market to me is still a little indecisive... with a small lean to the upside. We seem to be close to finding a decent bottom point. Less volatility
involved is a sign to me. On the bearish
side, a double bottom
would not be a bad thing. Now we are in a small falling wedge
close to the bottom of the channel- which is trying to break as I am writing this. These to me is a reversal zone. A final touch around $7500 would be a good bottom touch and decent scenario. Overall as long as we stay in the channel nothing to big to be worried about. A break of the channel will give the bears full control. Goodluck.