I'm still pretty new at this - so constructive feedback and discussion is greatly appreciated!
BTC has been ranging with most daily closes landing between 34.6k and 39.2k - until last week's downswing. BTC has retraced right to the 0.5 fib of that swing - and as of this exact moment, after a quick pop at the top of the hour, currently sits above that level - which just so happens to land right around that 34.6 daily range low.
It is my opinion that another close below 34.6 today would be a bearish sign for BTC in the short-mid term.
If it continues the upward retracement of last week's move then 36k is a likely next decision point at the 0.618. If it's down from here, then 26.5k would be my target at the -0.236.
Not financial advice, thanks for reading.
BTC has been ranging with most daily closes landing between 34.6k and 39.2k - until last week's downswing. BTC has retraced right to the 0.5 fib of that swing - and as of this exact moment, after a quick pop at the top of the hour, currently sits above that level - which just so happens to land right around that 34.6 daily range low.
It is my opinion that another close below 34.6 today would be a bearish sign for BTC in the short-mid term.
If it continues the upward retracement of last week's move then 36k is a likely next decision point at the 0.618. If it's down from here, then 26.5k would be my target at the -0.236.
Not financial advice, thanks for reading.
Comment:
1D 21MA is right at that 0.618 (36k) as well. Could get interesting
Comment:
Comment:
weekly closing in 30 mins...
weekly closing in 30 mins...