While not necessary, it would be favourable to see a healthy retracement from BTC before a big move up. Needless to say, the rising wedge and bearish div on the RSI is calling for it, so lets assume it happens.
Noted from fibs and PA, 7445-7500 would be ideal levels to start this retracement. From there we look at further fibs and general confluence to find a couple areas to fall to....both healthy.
Remember, the bigger the retrace, and assuming it bounces back up, the better as that dictates another clear higher low from previous PA which indeed confirms our long term reversal and that we should not see $6k again.
Fingers crossed!
Noted from fibs and PA, 7445-7500 would be ideal levels to start this retracement. From there we look at further fibs and general confluence to find a couple areas to fall to....both healthy.
Remember, the bigger the retrace, and assuming it bounces back up, the better as that dictates another clear higher low from previous PA which indeed confirms our long term reversal and that we should not see $6k again.
Fingers crossed!
Comment:
Welp! That was quicker than expected!