Morning @everyone
I hope everyone is well. A quick glance at BTC this morning and really confirming the existence of that downtrend line that we drew in last night on our live session. We found that the top of this move was at that 9390 mark where we were looking at this downtrend, ultimately making a LH in price action before coming down again.
Our target for this move the to the downside was around that 50 Fib level and then hopefully that 61, where we'd wait for a decision to be made on the overall direction, whether we bounce and run back up to that trendline or, start to decend to that 8800 level that we've spoken about so much. Currently, I'm still looking towards that 50-61 retracement level for this move to continue, pending a close below that 38 of course.
It seems unlikely to me that we will continue to push from here and break out of this downtrend, there is still low volume and of course volume is a major factor when looking at upwards momentum.
I hope everyone is well. A quick glance at BTC this morning and really confirming the existence of that downtrend line that we drew in last night on our live session. We found that the top of this move was at that 9390 mark where we were looking at this downtrend, ultimately making a LH in price action before coming down again.
Our target for this move the to the downside was around that 50 Fib level and then hopefully that 61, where we'd wait for a decision to be made on the overall direction, whether we bounce and run back up to that trendline or, start to decend to that 8800 level that we've spoken about so much. Currently, I'm still looking towards that 50-61 retracement level for this move to continue, pending a close below that 38 of course.
It seems unlikely to me that we will continue to push from here and break out of this downtrend, there is still low volume and of course volume is a major factor when looking at upwards momentum.