Using proper TA every day keeps the REKTGRINCH away
After the downtrend from 358 all the way to 302 (you could totally see this coming btw ) the bulls got overly excited and the bears overly stupid, so there was the classic 40USD Margin Call 20Xers and 10Xers at the bottom Also 4h-6h-12h and 1D indicators had to be reset a bit.
And they got pretty much recharged. If you look at those timeframes with and you will see them at the same level they were when we were at 358, when we got to 337. So indicators have been recharged and the price took a $20 dive. So we can expect to see 282 before the bounce again.
Doing some Fib of Fibs and Many Fibs we can see t hat there was a massive rejection on the short from the retracement at 61.% (marked on the chart). then we fell down and doing a fib from bottom to that level, showed that we bounced on the 61.8% on the upside.
Right now we're struggling with the 38.2% on both fibs which means that if that breaks we'll have 50% and then again 61.8% on the original fib line to contend too (basically people who are short at 50% and 61.8% will do whatever they can to keep it being short)
A good target would be the 88% because people more often than not usually sell before the previous top so they don't have to compete with everyone else who thinks its gonna . Also, if you reverse the chart from 61.8% you will see that the 144% resistance line coincides with the 88.1%
On the downside, we have another pattern which will resolve around the $275 mark which is the historic low. Margin calls might take us down to roughly around 250-265 depending on how many of them get called.
Right now DOWN is more probable than UP but I suggest you play it as the market dictates, so far we're in the CD green arrow.
Also Merry RektMas