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.
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.
@yuuuuuge, Only idiots think markets move in one direction, Failing to plan for both is removing a advantage you may have over others.
actualERIK
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@Worth_The_Ri5k, Thank You for this and all the great stuff you're sharing. Explaining how to look at the chart in both ways helps us newbies a lot, so we can see the thinking process behind ta's. Please just keep on since your work is very helpful for us beginers. Thank you.
Worth_The_Ri5k
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@yuuuuuge, By the way if your one direction charts are so great, please share and educate us mr. Professional.
CryptoCheck-
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Bitcoin - Fractal W Bottom, China Ban
Worth_The_Ri5k
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@CryptoCheck-, interesting observations, are you familiar with Wyckoff Method?