BTC Getting Weak Already?
We have seen a nice rally after some a significant drop over the last couple weeks.
Currenly we find our selves in a position where we must make a decision. Is the market truely ready to move up, stuck in a long side ways range, or ready for more downside.
This is a 4 hour chart and price is currently rounding over at the down trend line and displaying divergence from the wave trend oscillator. How far this will bring the price down is an unknowable question. Personally targeting more downside but will take what the market gives.
Looking at the current local swing a retrace of 50-61.8% would be a 4% move to the downside and IF buyers fail to absorb the sell pressure an expansion to the downside of 1.5-1.618 of our current swing is approximately 12% lower.
A true reversal to the upside will come eventually and hopefully soon. IF it is now and at the current prices sellers will be absorbed and chart will reflect it. Remeber the chart is the final unbiased culmination of all buying and selling decisions.
Trade Well.......
Currenly we find our selves in a position where we must make a decision. Is the market truely ready to move up, stuck in a long side ways range, or ready for more downside.
This is a 4 hour chart and price is currently rounding over at the down trend line and displaying divergence from the wave trend oscillator. How far this will bring the price down is an unknowable question. Personally targeting more downside but will take what the market gives.
Looking at the current local swing a retrace of 50-61.8% would be a 4% move to the downside and IF buyers fail to absorb the sell pressure an expansion to the downside of 1.5-1.618 of our current swing is approximately 12% lower.
A true reversal to the upside will come eventually and hopefully soon. IF it is now and at the current prices sellers will be absorbed and chart will reflect it. Remeber the chart is the final unbiased culmination of all buying and selling decisions.
Trade Well.......
