Despite support on the 200-day twice now, the 617% move between May 1st and July 1st 2019 was very unhealthy due to the short-term explosive growth. We have already retraced to the 76.4% fib retrace level, and price is now trying to hold support at the golden ratio 61.8% fib level.
If we close below the 61.8% level on the monthly and/or weekly chart, that will mean a high probability of coming back down to the 76.4% level. This would form the beginings of a descending triangle pattern, which of course means bearish movement ahead, but only if the price doesn't go directly down to the 100% retrace level first.
This is no guarantee of course, but if we have that 50/200 day death cross, price below the 200-day as well, and the 200-day angled downward... these are basically the definition of a bear market. So keep an eye on those things!
If we close below the 61.8% level on the monthly and/or weekly chart, that will mean a high probability of coming back down to the 76.4% level. This would form the beginings of a descending triangle pattern, which of course means bearish movement ahead, but only if the price doesn't go directly down to the 100% retrace level first.
This is no guarantee of course, but if we have that 50/200 day death cross, price below the 200-day as well, and the 200-day angled downward... these are basically the definition of a bear market. So keep an eye on those things!
Comment:
Link behaved as expected. Now, we are in the process of forming a strong likelihood of reversal. we will definitely go up to the 50% fib retrace for at least a moment in the near future. It might be time to buy soon.