Bitcoin movement scenarios. BTC/USDT, Binance
BTC had fallen down from neck line of Head & Shoulders pattern and there were no correction of this fall. I see such variants of it's movement, built on channels and Fibo levels. Graph is from Binance, so add 40$ to get Bitmex or Bitstamp prices
3330-3400 is the first zone of possible BTC rebound from current channel's bottom line. According to this, 3550-3600 is a strongest resistance(61.8 of Fibo and the middle of the channel) on the path to 3750-3800 (38.2 Fibo and top of the channel). Also this movement would be classic AB=CD with possible Gartley pattern working out.
Coinsidence? I don't think so)
Another possible way is goind deep to 3250-3150 zone and try to drow double bottom, but I don't think that bounce from that level would be strong, cause this move would show the weakness of bulls
Comment your thoughts, guys.
3330-3400 is the first zone of possible BTC rebound from current channel's bottom line. According to this, 3550-3600 is a strongest resistance(61.8 of Fibo and the middle of the channel) on the path to 3750-3800 (38.2 Fibo and top of the channel). Also this movement would be classic AB=CD with possible Gartley pattern working out.
Coinsidence? I don't think so)
Another possible way is goind deep to 3250-3150 zone and try to drow double bottom, but I don't think that bounce from that level would be strong, cause this move would show the weakness of bulls
Comment your thoughts, guys.
