Good morning all!
BTC's supposed bull flag has broken down quite a few times now but has still been respecting this descending structure. We seem to have made It down to an extended area of this larger scale rising gold channel which is now being back tested as resistance. I have mapped out the possible plays that could unfold over the next few days here. As BTC struggles to break up through this wedge, we might be seeing the $9,500 range again after all. Price has made its way to the 0.618 extension and might reverse at the 0.786 fib level. We are now hovering just over the 0.5 fib level in-between support and resistance. The next few days should bring in the decision of whether BTC will be continuing this bull cycle or if the reversal will show us extreme lows once again.
BTC's supposed bull flag has broken down quite a few times now but has still been respecting this descending structure. We seem to have made It down to an extended area of this larger scale rising gold channel which is now being back tested as resistance. I have mapped out the possible plays that could unfold over the next few days here. As BTC struggles to break up through this wedge, we might be seeing the $9,500 range again after all. Price has made its way to the 0.618 extension and might reverse at the 0.786 fib level. We are now hovering just over the 0.5 fib level in-between support and resistance. The next few days should bring in the decision of whether BTC will be continuing this bull cycle or if the reversal will show us extreme lows once again.
Comment:
BTC is now under the 0.618
BTC is now under the 0.618
Comment:
Comment:
The 1H MACD is showing a potential bullish divergence!
The 1H MACD is showing a potential bullish divergence!
4H chart demand showing up at the 0.618 level.