Since the ATH on 21 February BTC dropped to a low of £31,112 on 28 February. After another rise (green dotted line) it reached £37,812, testing the downward trend's 0.618 Fibonacci level before forming a downward channel and testing the rises' own 0.618 level.
Will it now break the rises' 0.618 level and continue the downward trend (red arrows) or will the rise only be a retracement of the ATH's upward trend (green arrow)?
There are plenty of opportunities to scalp around the fib levels or short and long depending on how you see the outlook over the next few weeks.
Let me know what you think below.
Thanks and good luck!
Will it now break the rises' 0.618 level and continue the downward trend (red arrows) or will the rise only be a retracement of the ATH's upward trend (green arrow)?
There are plenty of opportunities to scalp around the fib levels or short and long depending on how you see the outlook over the next few weeks.
Let me know what you think below.
Thanks and good luck!
Trade active:
The downward channel has been broken and following a retracement to the 0.618 level is returning to it's upward trend. Maybe on the way to 0.382 level?
Comment:
The 0.382 seems to have been tested and is currently below.
Trade closed: target reached:
Green line was followed.