hard facts:
-> closed above the bearish channel
-> touched the 0.618 fibret from last local top (~10k) to low of 5.8k
-> retraced from there back to the bearish channel
-> still under SMA200
background information:
-> 61.8% is crucial when it comes to trend swings. A retracement over 61.8% is an indicator for a trend swing (bearish to bullish in this case), under 61.8% could be just a counter swing (so basically a correction in the bear market).
-> SMA200 is in important indicator. "The trend is your friend". Many traders/bots are trading by this, so when the chart is above or under SMA200, they buy or sell.
conclusion: closing significant above said 61.8% (~8400) and over SMA200 would be some strong bullish indicators. 'til then it's still possible that we're in this counter-swing.
my personal opinion: retracements after touching the fibonacci is quite normal, we consolidated at 38.2% and now retracing, so 1-2 red daily candles, maybe down to 50% fibret (~7900$) would be a normal retracement. If BTC then closing above said indicators, it's very likely to go to 10k area again.
No financial advice is given, just for educational purpose.
-> closed above the bearish channel
-> touched the 0.618 fibret from last local top (~10k) to low of 5.8k
-> retraced from there back to the bearish channel
-> still under SMA200
background information:
-> 61.8% is crucial when it comes to trend swings. A retracement over 61.8% is an indicator for a trend swing (bearish to bullish in this case), under 61.8% could be just a counter swing (so basically a correction in the bear market).
-> SMA200 is in important indicator. "The trend is your friend". Many traders/bots are trading by this, so when the chart is above or under SMA200, they buy or sell.
conclusion: closing significant above said 61.8% (~8400) and over SMA200 would be some strong bullish indicators. 'til then it's still possible that we're in this counter-swing.
my personal opinion: retracements after touching the fibonacci is quite normal, we consolidated at 38.2% and now retracing, so 1-2 red daily candles, maybe down to 50% fibret (~7900$) would be a normal retracement. If BTC then closing above said indicators, it's very likely to go to 10k area again.
No financial advice is given, just for educational purpose.
Trade active:
BTC did that retracement to the 50% fibonacci (actually two times). The consolidation phase is ongoing and still legit: Breaking 8400 bullish breakout, going under 50% should result to a drop to the 38.2% fibonacci (6800).
possible trade chance: use that consolidation between the two fibonacci to gain some solid percentage. With tight stop losses above and under those lines, anticyclic trades have a good profit/risk ratio.
possible trade chance: use that consolidation between the two fibonacci to gain some solid percentage. With tight stop losses above and under those lines, anticyclic trades have a good profit/risk ratio.
Trade closed: stop reached:
after breaking out bearish, the initial question has been answered: Bitcoin counter-swinged to the 61.8% fibonacci and is now preparing lower lows.