The Linear Regression has bitcoin price showing signs of slowing down. We have the NVT in red overbought territory, Stochastic RSI showing signs of weakness, it tried crawling back only for it to be turned down two days ago. Last week/early this week we had bearish divergence and now we see the price of Bitcoin stagnant.
*So with that knowledge: Looking at $8988 as 1 possible retracement to fib 38.2% also around the 50MA
*$8523 fib 50% is another one
But if we take an average of retracements it would takes us to $7300, which in My opinion is very low and makes me think we are going to have another leg up. But I cant let emotion make my trading decisions. so lets see how this plays.
This is based on my opinion on how I read the charts.
*So with that knowledge: Looking at $8988 as 1 possible retracement to fib 38.2% also around the 50MA
*$8523 fib 50% is another one
But if we take an average of retracements it would takes us to $7300, which in My opinion is very low and makes me think we are going to have another leg up. But I cant let emotion make my trading decisions. so lets see how this plays.
This is based on my opinion on how I read the charts.
