BITCOIN must break 50% fib or we drop down to 7k!
On July 23rd I posted my bearish bias on BTC.
I have continued to post updates leading up to the final breakdown of the triangle.
As the triangle neared it's apex, the bulls looked like they were worn out. Bakkt was looking more priced in by the day.
Finally the triangle broke downwards.
Once our target of around $8,500 was hit. I was preparing for the next possible leg down once I realized that BTC was unable to reclaim the 50% fib or the 200 EMA. The bears had full control!
Today is October 2nd and I am bearish on BTC unless I see a power move to reclaim the 50% Fib level. If we continue to reject, then the most logical path would be the one with the least resistance. The least resistance seems downwards at this current time. If my bias changes in anyway, I will post an update! For now, I am targeting the $7,000 area unless the bulls have another push coming. They better make it quick!
I have continued to post updates leading up to the final breakdown of the triangle.
As the triangle neared it's apex, the bulls looked like they were worn out. Bakkt was looking more priced in by the day.
Finally the triangle broke downwards.
Once our target of around $8,500 was hit. I was preparing for the next possible leg down once I realized that BTC was unable to reclaim the 50% fib or the 200 EMA. The bears had full control!
Today is October 2nd and I am bearish on BTC unless I see a power move to reclaim the 50% Fib level. If we continue to reject, then the most logical path would be the one with the least resistance. The least resistance seems downwards at this current time. If my bias changes in anyway, I will post an update! For now, I am targeting the $7,000 area unless the bulls have another push coming. They better make it quick!