If you have been following the prior posts on BTC then the drop this morning would have not been a surprise. We were expecting price to get rejected after back testing the rising channel which it did. The possibility of price being held up short term by the descending broadening wedge did not happen. After sideways movement price fell below the support and instantly dropped to the 2.618 fib extension! This point is also the extended support line from the broadening wedge! The price is now down sloping over the support and 2.414 fibonacci level with volume coming down short term. There seems to be less interest in selling at these levels. A short term push back up is likely and might get up as far as to $10,270 in the immediate term.
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are we reversing here?
are we reversing here?
Trade closed: target reached
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0.618!
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possible flag on 15 minute
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Will the 0.618 provide a bounce up?
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0.786 was hit. We could be forming a rising channel here
0.786 was hit. We could be forming a rising channel here
bullish divergence on the 15 minute TF down sloping consolidation after a move down is indicative of a reversal