We are now facing minor resistance at the .382 fib extension, with the major downward not much higher above.
Failing to break through this first level of resistance would likely be a continuation signal, which ultimately could send us back down to test the 2D once again.
A break below the 2D will be an extremely signal. considering that this TL has not been broken since its creation in early 2017.
IF we fall below the 2D TL we have another major TL down at the 4k range and then the 2k range below that.
As the squeeze continues, is very unclear which way BTC will choose to go.
This bounce showed that there is may be some light at the end of the tunnel, however we're far from in the clear.
The chart above shows both possible levels regardless which direction BTC decided to go.
Please trade carefully.
Wish you all the best of luck.
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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