Wow guys we once again did it.
Wicked up to $9060 to fully close the CME futures gap on the daily and BTC is now trading lower.
Very interresting to see how we are going to move forward from here.
Keep in mind, When everybody expects a correction...
First of all I hope everyone is doing safe and well.
Like my titel already describes, there are some things to consider at this price level.
- Fib. extention;
- Moving averages;
- Rising wedge pattern;
If we take a look at the Fibonacci's.
We are coming right up to the 0.618 (golden) Fibonacci extention coming from the bottom of $4000 to...
It is clear that we are forming a perfect Bull flag pattern after the parabolic uptrend of this weekend.
We dipped below the pennant last night only to be supported at the $9200 level after which we Bart'ed back up.
To me this is showing some that demand is rising after a 15% correction back to the $8900 level.
Giving the 40% rise in price to our local top of...
Could we be seeing a possible bearish rising wedge formation?
I think we will see a continuation of the downward correction after this consolidation phase and possible relief rally.
RSI's are heading to more neutral grounds also.
What is your opinion on the BAKKT launch news?
I personally believe this news has been locked in BTC's price long ago..