So, since we were rejected by the resistance line we've had since ATH, how long will it take for BTC to retrace to the support line we've had since march 2020?
Will it go faster and bounce off of it at the 0.618 fib level OR will take a few more days and bounce off of it at the 0.5 level before the next leg up?
In any case , both levels align with the spot where the MA 21 and/or MA50 will probably be at that point.
Then again, a retest of the MA50 would certainly be healthy.
Last point, there is ofcourse always the possibility that the support won't even hold at all, not creating a higher low and thus falling back to 28-30k , even though that's not what i think is going to happen right now...
Let's wait and see.
Happy trading
Will it go faster and bounce off of it at the 0.618 fib level OR will take a few more days and bounce off of it at the 0.5 level before the next leg up?
In any case , both levels align with the spot where the MA 21 and/or MA50 will probably be at that point.
Then again, a retest of the MA50 would certainly be healthy.
Last point, there is ofcourse always the possibility that the support won't even hold at all, not creating a higher low and thus falling back to 28-30k , even though that's not what i think is going to happen right now...
Let's wait and see.
Happy trading
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