Apologies for all the mess on the chart, but I'm looking at the price action on the day chart right now and I can see that we're having trouble breaking up through the 62% fib levels after previously testing the 50%.
I wouldn't be happy calling a bullish movement until we've managed to get a firm toe-hold above 50% and the pair shows some strength in that direction.
I'm calling a period of uncertainty coming up and a period of consolidation until we can see clear movement. Fear is a testy task master with this pair.
BTW, I'm using the 2400 as the base of the fib as I see this as the absolute floor, let's hope we don't see this again one day!
BTCUSD
I wouldn't be happy calling a bullish movement until we've managed to get a firm toe-hold above 50% and the pair shows some strength in that direction.
I'm calling a period of uncertainty coming up and a period of consolidation until we can see clear movement. Fear is a testy task master with this pair.
BTW, I'm using the 2400 as the base of the fib as I see this as the absolute floor, let's hope we don't see this again one day!
BTCUSD
Comment:
The 62 resistance has now been breached and for now we see small bullish trend on the daily.