The 61.8 fib is a major support and target to the downside.. the measured move off of the past 3 month consolidation points is to $7200 range as well. this would be the best case scenario for bitcoin,
If we break 7200 and close daily candles below i would say get ready for a prolonged bear market..
At the moment i am short, looking to take profit at 7200 range then possibly go long depending on bitcoins reaction.. let me know what you guys think.
If you are not sure why the 61.8 fib level is a major support or resistance level message me and i will be happy to explain. the 618 also called the top at $14,000. learning how to use fibs will help a lot. especially when looking for confluence.
(also check out the the chart i linked to this post. i published it a while ago. its played out nicely. just a trend line on weekly buy it looks like i holds weight. )
If we break 7200 and close daily candles below i would say get ready for a prolonged bear market..
At the moment i am short, looking to take profit at 7200 range then possibly go long depending on bitcoins reaction.. let me know what you guys think.
If you are not sure why the 61.8 fib level is a major support or resistance level message me and i will be happy to explain. the 618 also called the top at $14,000. learning how to use fibs will help a lot. especially when looking for confluence.
(also check out the the chart i linked to this post. i published it a while ago. its played out nicely. just a trend line on weekly buy it looks like i holds weight. )
Comment:
playing out good so far!!!
