This is not a trade idea, just analysis as it is counter-trend and therefore higher risk.
Now that Bitcoin has hit a 127% Fib Extension, it is probable to see profit taking. With this in mind, we could see price push up to the 38.2% Fib line.
Should this occur, it might start to develop a potential inverse head and shoulders pattern which would complete near the 61.8% Fib line.
Short term bullish.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Now that Bitcoin has hit a 127% Fib Extension, it is probable to see profit taking. With this in mind, we could see price push up to the 38.2% Fib line.
Should this occur, it might start to develop a potential inverse head and shoulders pattern which would complete near the 61.8% Fib line.
Short term bullish.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment:
BTC has reached the 61.8% Fib as expected.
