Look at the fib levels and bitcoin is playing out exactly as it did in may. There aren't any bearish indicators that are popping out at the monment but, the only way to invalidate this pattern at this time would be a CLEAR break above $48,500. I can't see that happening but you never know. If the next breakdown is similar to May then we can expect the 32-33.5k range.
It got rejected at 48.3k and fell out of a triangle pattern. Im seeing btc struggle too much.
ElikG
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Don't really understand where those fibonacci numbers are coming from, doesn't make sense the proportions aren't equal as you imply
Nutty_Trader
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@ElikG, Trend based fib extension from top to intial drop
bernest0
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Not sure I agree with this. Reason being, it wasn't market simple trading sentiment that caused the May crash, it was two key factors. China and Elon. Unless BTC has another country that accounts for half of its hashrate go full ban hammer, and another key bull influencer goes bear, the fibs are purely coincidental.