EuroMotif

BTC.USD headed to lower lows? Bitcoin Bulls progressively weaker

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Most relevant Fib series for Bitcoin in this time frame.
The Impulse from $7870 set another cascade in motion.
Thus far Bears have dominated the line by line rejections.

Bulls have 3 lines left before severe collapse.
It will take at least 2 CLEAR Pings to reverse this.
Bulls need to paint two Pings that bears can HEAR.

Sentiment wise the US market leads but is undecided.
Gold , stocks, and bonds are in FUD mode themselves.
Risk-off mood needs to change or we see lower lows.

And of those lower lows, I am eyeing $ 5,882 and 82 cents. see this Idea:
Dec 03
Comment: Ping .... Kinda ... Needs to be CLEANER :(
Dec 04
Comment: Not good, just sitting on the 5.236 which was already pierced
Zooming IN and adding Red Fib of last leg down We have a perfect confluence at $ 7132.61, trying to hold.
But likely to drop to next support, now "reinforced" but red 5.618 in close proximity.

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Dec 04
Comment: Nice PING Could this be the ONE?

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Dec 04
Comment: Yup, a rather Clean Ping And I did almooooost HEAR it :)

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Dec 04
Comment: Bounce looks good, but MUST hold 7132.xx critical that it not be pierced, or best not even tested.
But if tested, it would be Bull's chance to log the SECOND clean Ping to confirm first one was not just an illusion.

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Dec 04
Comment: nice bounce! 7219/25 next serious barrier
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Dec 04
Comment: Next Barrier $ 7271-7281
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Dec 04
Comment: Not bad for an initial push, need to hold 7178-86 7280 would be a nice target for first wave

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Dec 04
Comment: well, that turned out to be the Mother of All Pings Bulls be like "Can you hear me NOW" ?

lol

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Dec 04
Comment: That might have been the SECOND Ping I was talking about not super clean, but after an explosion like that there will be some slop until things re-synchronize.
So it would not surprise me to see it come down one more fib before the real ping.

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Dec 04
Comment: Getting back in Sync
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Very nice
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Nice
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@EXCAVO, thanks much!
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Thanks for the details sir!
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@metza24, My pleasure! and thanks for dropping in.
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