We are nearing our first support zone with this BTC drop. So far, it fell though the .65 golden pocket fib (from the smaller more recent bounce) near 10.5k and is heading down toward 9.6k. Will this next support hold at around 9.2k?
We need a bounce or more sideways action to stabilize things before we see lower price points. The other alternative is a quick panic sell off which could result in a dead cat bounce.
Lets see what happens in the next day or two!
Happy trading and manage your risk!
I am a simple trader and market analyst - not a financial analyst fortis Fortuna adiuvat - fortune favors the brave
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We are seeing the bounce and sideways movement now. We didn't break up past the 2 hour 55 EMA and are seeing bearish volume now.
Trade closed: stop reached
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Trade is closed. The original idea stop was triggered and we walked with 10% profit. Happy trading everyone. Waiting for the next position setup.