Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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From what I think and see, we have set a new local trend down on BTCUSD. We have failed to make a new high over and over. Also with today's low, we created a new local low on this trend down.
I am personally looking to reach the 1.0 on the trend based fib extension at around $8,865. We are currently failing the $10,665 area, but so far holding the $10,300 support area. I believe we will break down further, but to reverse this local trend, we must not break below the $9,950 low we created and also break above $11,185.5.
I will post a long term outlook below in the comments.
In this image, long term, we broke the .5 of the trend based fib extension, so now I am looking for a retrace to the .25 level of the fib extension, $7,409.5.
We may not reach that low, so my orders will be placed between the last local high on the way down from the ATH at $8,487 to the .25 of the trend based extension, $7,409.5. From there I see a move up to the .75 ($15,986) and the 1.0 ($20,274.5).
porter_john
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Once we break the 1.0 of the fib extension, I will be looking for the 1.618 ($30,875) and the 2.0 ($37,427.5)
serverleader
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sounds about right ... hopefully $9,300k may hold a lil oh well ...
We may not reach that low, so my orders will be placed between the last local high on the way down from the ATH at $8,487 to the .25 of the trend based extension, $7,409.5. From there I see a move up to the .75 ($15,986) and the 1.0 ($20,274.5).