TLDR - A good price to go long is in $8100 and further in $7200. Of course, $6500 is the ultimate support. Don't leverage though, you'll get liquidated.
$9700 is the top of the recent uptrend believe it or not. Because now we got more volume to the downside and also we started to make lower lows and lowers highs which did not happen for a very long time. This correction is imminent, and I feel bad for everyone who went long and everyone who believes in the top TAers in TradingView, sure 12k will be the top soon but not today. Take my word for it, we are now in a downtrend.
So what's the target? Using a fib from $6500 to $9700 the possible strong support can be found at
1. 0.5 fib - $8100 area
2. 0.618 fib - $7800 area
3. 0.786 fib - $7200 area
And taking a fib extension from the top to $8700 which was a low point, back to $9100. Support can be found at $8100 which looks like the next big bounce will happen there (If it's an ABC Correction).
To summarize, read TLDR.
$9700 is the top of the recent uptrend believe it or not. Because now we got more volume to the downside and also we started to make lower lows and lowers highs which did not happen for a very long time. This correction is imminent, and I feel bad for everyone who went long and everyone who believes in the top TAers in TradingView, sure 12k will be the top soon but not today. Take my word for it, we are now in a downtrend.
So what's the target? Using a fib from $6500 to $9700 the possible strong support can be found at
1. 0.5 fib - $8100 area
2. 0.618 fib - $7800 area
3. 0.786 fib - $7200 area
And taking a fib extension from the top to $8700 which was a low point, back to $9100. Support can be found at $8100 which looks like the next big bounce will happen there (If it's an ABC Correction).
To summarize, read TLDR.
Trade active:
Shorted @$8900, Take profit @ $8000, rekt @ $16000
Comment:
$BTC made a lower low again. As long as it keeps getting lower lows. I'm in this trade.
Comment:
*Measures fib retracement.
*Thinks
*Double down on analysis
*Thinks
*Double down on analysis
