After breaking down from a recent pennant it is now decision time for Bitcoin to print another low. The question is whether or not it will be a higher low in the short term.
Failure to print a higher low could result in a further drop and more continued macro sideways movement. Whereas printing a higher low may assist the price to push higher and have another crack at early 40k prices.
It will be interesting to see if another attempt at the early 40s will surpass them, or if we will get rejected again.
Also as a side note, we recently got supported by the 0.5 fib retracement which is a good sign.
With the current market sentiment, I am expecting further sideways movement for a few more weeks or months. But my opinion doesn't dictate the market's movements.
Failure to print a higher low could result in a further drop and more continued macro sideways movement. Whereas printing a higher low may assist the price to push higher and have another crack at early 40k prices.
It will be interesting to see if another attempt at the early 40s will surpass them, or if we will get rejected again.
Also as a side note, we recently got supported by the 0.5 fib retracement which is a good sign.
With the current market sentiment, I am expecting further sideways movement for a few more weeks or months. But my opinion doesn't dictate the market's movements.
Comment:
UPDATE 1: Looking good so far. The 0.5 holding up well, and we have now surpassed the 0.618. It would be good to see a retest of one of these levels before moving up. Without support and retests on the way up, large corrections can occur such as what we saw during the may crash which in my opinion happened because we were over-extended and were not testing support on the way up. Such as the 50 and 200 day moving averages like in 2018/19.
Comment:
Let me know your thoughts below. Short or long term where do you think we are heading and why.