I see a lot of people calling for a reversal and i see an increase on youtube in calling insane numbers again.
Let's be fair, crypto took a pretty big hit since the 69k top.
Now let's just look a little bit back to the last drop (the left fib retracement on the chart).
It dumped and after the dump crawled back up to the golden pocket, moved sideways for a while then dumped again to where we are now (the right fib retracement on the chart).
At the current point we are bumping into the 0.5 retrace level, so the bounce looks even weaker then the previous one.
So i tend to say bears are still in control and a dump to the next level 28k/29k is very likely.
For the ones saying i use the fib retracement upside down or backwards or whatever.
Look at what it does and what the numbers stand for, this is the only right way to use it IMHO.
It predicts the next opposite move, so the number 1 has to be at the starting point of the drop (as that is the point of a 100% retrace).
As you use it upside down the retrace can't go higher then the original starting point..... which is strange as in this case it predicts how far BTC can go up from the last dip and that can very wel go past the original drop point with a number above 1 (which means it retraced more then it originaly dropped.
Again no financial advice here, i just remain patient and keep ignoring the 100k hype that is picking up again.
I am happy to buy the 40k retest if it goes there from here but untill that i will not risk my money on this.
Happy trading
Let's be fair, crypto took a pretty big hit since the 69k top.
Now let's just look a little bit back to the last drop (the left fib retracement on the chart).
It dumped and after the dump crawled back up to the golden pocket, moved sideways for a while then dumped again to where we are now (the right fib retracement on the chart).
At the current point we are bumping into the 0.5 retrace level, so the bounce looks even weaker then the previous one.
So i tend to say bears are still in control and a dump to the next level 28k/29k is very likely.
For the ones saying i use the fib retracement upside down or backwards or whatever.
Look at what it does and what the numbers stand for, this is the only right way to use it IMHO.
It predicts the next opposite move, so the number 1 has to be at the starting point of the drop (as that is the point of a 100% retrace).
As you use it upside down the retrace can't go higher then the original starting point..... which is strange as in this case it predicts how far BTC can go up from the last dip and that can very wel go past the original drop point with a number above 1 (which means it retraced more then it originaly dropped.
Again no financial advice here, i just remain patient and keep ignoring the 100k hype that is picking up again.
I am happy to buy the 40k retest if it goes there from here but untill that i will not risk my money on this.
Happy trading