Scenario A:
Considering BTC is failing to get above the 0.618 fibonacci level located around 43700-43900 this may be a early warning sign that cheaper prices are coming, but there is still hope:
In the top image the 0.618 is claimed as support quickly taking us to the next resistance area above, if further resistances were claimed this bearish idea would obviously be invalidated.
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Scenario B:
In the below image (Scenario B) the 0.618 we fail to claim as support and this adds further panic into the market with the China Banning Bitcoin Transaction news, and Evergrande Debt Crisis leading to a deep market sell off, the most logical area being the 0.382 fibonacci at 38300 or the Previous Strong Support Area at 29200 for Bitcoins next key area of reversal.
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Evergrande Debt Crisis:
edition.cnn.com/2021...-intl-hnk/index.html
China Widens Ban on Crypto Transactions:
www.bloomberg.com/ne...illegal-in-crackdown
Considering BTC is failing to get above the 0.618 fibonacci level located around 43700-43900 this may be a early warning sign that cheaper prices are coming, but there is still hope:
In the top image the 0.618 is claimed as support quickly taking us to the next resistance area above, if further resistances were claimed this bearish idea would obviously be invalidated.
-------------------------------------------------------------------------------------------------------
Scenario B:
In the below image (Scenario B) the 0.618 we fail to claim as support and this adds further panic into the market with the China Banning Bitcoin Transaction news, and Evergrande Debt Crisis leading to a deep market sell off, the most logical area being the 0.382 fibonacci at 38300 or the Previous Strong Support Area at 29200 for Bitcoins next key area of reversal.
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Evergrande Debt Crisis:
edition.cnn.com/2021...-intl-hnk/index.html
China Widens Ban on Crypto Transactions:
www.bloomberg.com/ne...illegal-in-crackdown