BTCUSDT- Does this signal a change of trend?

After analysing some swings you will see where price has terminated (profit take) Bears may be entering the market. This has occurred at the 127% price extension of the previous swing causing a 1-2-3 reversal pattern. If this is the case I have pulled some fibs of what may occur. You can see where a confluence of fib extensions and the retracement fib level of the overall price rise. There is a lovely confluence of previous support a major fib level 0.382 and the profit take extension 161.8 of the decline This may play out but who really knows - all we can do is plan. BTCUSDT .








Please use caution when you trade - the plans I create are my thoughts based on past experience in the forex market, they are not advice.

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Comment:

BTCUSDT has hit the 161.8 extension of the full swing and retreated. We need to wait and see if this will cause price to retrace to a deeper level to attract the Bulls again.

Comment:

This plan played out by BTC making a HH to an exact target of the 161.8 Price extension before a fast capitulation to support and the 0382 (the where the institutional bulls and Chinese investors are likely to trade from). This bounce tells me that Bitcoin is here to stay.