BTC- Has been rejected by the yellow FIB ring since November 22 and BTC has been trying to break past it since November 22nd with no luck.
if BTC is going to break out of that ring which would be a very bullish move indeed then BTC has to confirm this by moving above 7225. A successful close above 7225 currently is considered very Bullish to me as BTC would have then broken past the resistance.
If BTC is unable to move above the yellow FIB ring at 7225 or close above it then we can expect a move lower to 7080, 6967, 6818 and possibly 6550
if BTC is going to break out of that ring which would be a very bullish move indeed then BTC has to confirm this by moving above 7225. A successful close above 7225 currently is considered very Bullish to me as BTC would have then broken past the resistance.
If BTC is unable to move above the yellow FIB ring at 7225 or close above it then we can expect a move lower to 7080, 6967, 6818 and possibly 6550
Comment:
Note that 6550 would be an exit out of the Fibonacci ring if BTC keeps moving lower.
Comment:
.....Now I could be wrong here but from the graph below, this move looks like a "bump and run" reversal to me . Which if correct means that BTC has to bounce at of these two spots .
a) At the "bump" which means BTC has to bounce at no lower than 7050
or
B) if BTC closes below 7050 then BTC can bounce at the "bump and run lead-in" which in the graph below is at the 66xx to 65xx area.
a) At the "bump" which means BTC has to bounce at no lower than 7050
or
B) if BTC closes below 7050 then BTC can bounce at the "bump and run lead-in" which in the graph below is at the 66xx to 65xx area.
Comment:
Comment:
Summing this up ... in my opinion its either:
a) Bounce at above 7050
or
b) Bounce at 65xx to 66xx
a) Bounce at above 7050
or
b) Bounce at 65xx to 66xx
Comment:
update
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Possible move to 7357 . However note that some of the indicators on the 11 hour are showing a double top. The double top if it plays out has a drop to 66xx .
The double-top is also cancelled if BTC moves above 7800.
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Possible move to 7357 . However note that some of the indicators on the 11 hour are showing a double top. The double top if it plays out has a drop to 66xx .
The double-top is also cancelled if BTC moves above 7800.
Comment:
