Confluence at support line and 0.618 extension to the downside.
BTC on the weekly has been compressing for awhile. After a fake breakout to the upside and a failure of MACD to break above 0 (on the Daily), I don't think we're going any higher. Using Fib extensions and major support lines, I think we're in a bear market for the next few weeks (months), hitting $6550 for a bounce (yellow support line) and if there's continued weakness, we'll fall down to $4075 and in a big bear market the 1.382 level (~$1600).
Using basic pattern analysis, we broke out of the teal rising wedge and wicked down to the 0.5 FIB ($7315). If we consider the red triangle starting from 01JUL19, it really looks like $1599 is a possibility.
Fundamentally speaking, we've got a halving coming up but I'm not hearing too much fuss about it anything about a rush to the exchanges. I think we're in for another bear market - it'll be a great buying opportunity if it goes down to the aforementioned prices.
Using basic pattern analysis, we broke out of the teal rising wedge and wicked down to the 0.5 FIB ($7315). If we consider the red triangle starting from 01JUL19, it really looks like $1599 is a possibility.
Fundamentally speaking, we've got a halving coming up but I'm not hearing too much fuss about it anything about a rush to the exchanges. I think we're in for another bear market - it'll be a great buying opportunity if it goes down to the aforementioned prices.
Comment:
Wow! It sunk down past down $6550 and almost hit the 0.786 level ($5462). RSI is now at the lowest oversold levels it hasn't seen in months - I might pick up some here.