Upside target accomplished. Lower High made. Short.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On 1W terms, Saturday's 6,840.00 High, is near the projected 0.618 Fib level (6,920.50), indicating that a potential new Lower High is priced and based on Bitcoin's behavior since March, it should reverse to test the 1W support zone of 5,800 - 6,000. So far the price is trading sideways on 1H ( RSI = 45.076) indicating the presence of selling accumulation around the 6,800 mark. 4H is also neutral (Highs/Lows = 0.0000) and in order to sustain a downtrend, the 6,532 - 6,598 Support zone needs to be crossed. We are now short aiming initially at 6,300 and 6,100.
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some fun and games leading up to CBE futures contracts ending tomorrow

Perhaps we are reaching the squeeze of a major descending triangle in a continuation downtrend pattern, signaling a deep breath before the trapdoor drops?
@rstrachan, Correct.
eyes saw this today...
@majorlee, Well spotted. Let's see if it gets rejected on the 0.382 Fib.
Hi I spent a lot of time looking at the data and this in Long View Conclusion
majorlee achtung360
@achtung360, too much time on your hands it seems!

here is something actually worth posting....

@majorlee, Well spotted. We actually base a lot of our strategy on those Fibonacci Lower Highs on 1W.
+1 Reply
majorlee InvestingScope
@InvestingScope, thanks bro, can go back into 2017 and beyond to do this on the opposite of the peaks/bull runs
The selling has been very slow.... it would be difficult to see lower price level
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