Hello guys, hope y'all doing fine avoiding losses.
Now quick into the topic BTC is very well playing above this trendline support in the 4H timeframe.
I've used the trend-based Fibo for my analysis to mark my target and shockingly it comes down up to 46490.
and the based on the buy volume and the overall trend it is clear that we've entered the bear market.
Before, there was a pump from the fibo golden level that was around 54160, but that was so weak and seemed like a fake pump with no enough volume.
When looking at the trend line, we all have to accept at one point the trendlines are suppose to be broken.
and if we had to close below 0.5 of fibo (54160) or close below the trendline, I could say some support would there be around 50K (Psychological support).
Breaking down even below would confirm a wick or close below 48k level.
Trade safe. Good luck.
Now quick into the topic BTC is very well playing above this trendline support in the 4H timeframe.
I've used the trend-based Fibo for my analysis to mark my target and shockingly it comes down up to 46490.
and the based on the buy volume and the overall trend it is clear that we've entered the bear market.
Before, there was a pump from the fibo golden level that was around 54160, but that was so weak and seemed like a fake pump with no enough volume.
When looking at the trend line, we all have to accept at one point the trendlines are suppose to be broken.
and if we had to close below 0.5 of fibo (54160) or close below the trendline, I could say some support would there be around 50K (Psychological support).
Breaking down even below would confirm a wick or close below 48k level.
Trade safe. Good luck.
