Looking at the btc daily spot index chart measuring from bull high to bull low and dividing it into 1/8th increments as taught by WD Gann we can see 48k is at the 75% or 6/8ths mark. If you pull a fib retrace it is also the .618 retrace level. For further confluence looking back at earlier provided macro charts 48k is also the value area high when price traded is 30-70k range previously.
As such seeing a reaction of some kind on a macro scale should be expected. A moving train take time to stop and it has been bumpy as we approach these macro resistance levels.
Also looking at our momentum oscillator we can see that money flow is approaching a cross below the zero line and momentum waves are rounding over to the down side.
Current trading plan:
BTC has been sold off at 48k as planned and a short position entered with the expectation of a possible blow off pump to 52k area.
Personal short targets will be the 1/8 increments below the current price to 33k or macro reversal signal.
Trade Well....
As such seeing a reaction of some kind on a macro scale should be expected. A moving train take time to stop and it has been bumpy as we approach these macro resistance levels.
Also looking at our momentum oscillator we can see that money flow is approaching a cross below the zero line and momentum waves are rounding over to the down side.
Current trading plan:
BTC has been sold off at 48k as planned and a short position entered with the expectation of a possible blow off pump to 52k area.
Personal short targets will be the 1/8 increments below the current price to 33k or macro reversal signal.
Trade Well....
