kinda floated out of the most recent channel, a lack of buying interest forcefully pushed it down to the bottom. I think fundamentals will decide where we go from here, and if it's down, I'm targeting those bright blue lines.
A break below .0101 should break down to at least .0092 (-13%) with major support at .0088 (-18%)
A break up here will bring us to at least .011 (+10%) with a chance to test .012 (+13%)
I believe that BTC will stagnate and range between 7700 and 8700 for the next 8-12 days which should give some time for money to creep back into the alts.
If we follow this fractal, We are in for a few months of grinding down. The fundamentals could absolutely change this, but it's something to consider. We should test and reject 10k for this to be valid.
A lot of support around $9200. This inverse head and shoulders is lining up with a bullish Gartley.
The Fib levels put us at $9,900, and $11,200 on the speed resistant fib.
The standard fib puts us around $11,400 and $13,000.
All in all, this seems to be a very possible pivot point.
This would have us going dow to $9200 and turning bullish. With the sentiment of us dropping hard, this seems like a reasonable play. This would also complete the inverse head and shoulders.
Signs point up at this point. $12.7K would be a reasonable first target.