Yesterday Bitcoin failed to reach the highs 2 weeks ago, now forming a double top pattern setting a tone of bearish development. If so in a couple of days maybe next week it will retest the the 61.8% level around 9850. That opens the door to rendevouz the daily 100 around 9k in the next few weeks.
Trade closed: target reached:
With the plunge of this' weekend, we now reached our first target around 9850 today and seem to bounce back from it for the moment, also from the daily 55 that is 9890, forming a temporary support zone between 9600-9850 here.
We broke the pennant, confirming the double top, but have to break the support zone for final confirmation.
So the second target would be still the daily 100, I correct my projection now to 8800 by the end of this month.
We broke the pennant, confirming the double top, but have to break the support zone for final confirmation.
So the second target would be still the daily 100, I correct my projection now to 8800 by the end of this month.