0.786 fib ($46,070) possible S/R flip into resistance (BTC)
Hello traders,
BTC has been very interesting the last few days.
We've recently over the past 24 hours broke below and closed the daily under the rising wedge support market structure.
It looks like whales are loading up before the next leg down in this region.
The 200 day moving average is currently sitting at $43,888 (ish)
0.618 fibonacci is sitting at $42,484 and technically speaking if $46,000 (0.786 fibonacci) gets flipped into resistance we should make our way lower to the golden pocket which is the 0.618 fibonacci.
Ultimately I think over time we will retest the downtrend from ATH's which is under $40,000 somewhere around $38,222 and getting lower by the day.
This is my last post until September 1st, I'm going to let things unfold now.
Stay safe.
Please like/comment to support my page.
👍
BTC has been very interesting the last few days.
We've recently over the past 24 hours broke below and closed the daily under the rising wedge support market structure.
It looks like whales are loading up before the next leg down in this region.
The 200 day moving average is currently sitting at $43,888 (ish)
0.618 fibonacci is sitting at $42,484 and technically speaking if $46,000 (0.786 fibonacci) gets flipped into resistance we should make our way lower to the golden pocket which is the 0.618 fibonacci.
Ultimately I think over time we will retest the downtrend from ATH's which is under $40,000 somewhere around $38,222 and getting lower by the day.
This is my last post until September 1st, I'm going to let things unfold now.
Stay safe.
Please like/comment to support my page.
👍
Trade active:
1) rising wedge confirmed a breakdown closing the daily below
2) s/r flip with strong wicks to the upside (sell pressure)
3) 0.786 fibonaci is likely to get flipped into resistance and head to 0.618 fibonacci (golden pocket) $42,484
4) 200 day moving average sitting at $43,888 and if this level is lost hypothetically speaking we should fall lower
5) retesting the downtrend from ATH's will take us as of now down to $38,152 and lower with each day passing untested
2) s/r flip with strong wicks to the upside (sell pressure)
3) 0.786 fibonaci is likely to get flipped into resistance and head to 0.618 fibonacci (golden pocket) $42,484
4) 200 day moving average sitting at $43,888 and if this level is lost hypothetically speaking we should fall lower
5) retesting the downtrend from ATH's will take us as of now down to $38,152 and lower with each day passing untested