Fib levels I'm watching in the coming days, especially tomorrow with the G20 conference on BTC.
Notes:
- Oversold daily RSI
- Volume increasing
Conclusion:
- I believe this market is ripe for a reversal. This is not a bull market, but I'm speculating that BTC's current technicals would facilitate a potential reversal given good news at the G20 summit. Fear is priced in at the moment — but a news conference can't be accurately priced into the market until after everyone gets the verdict.
Let's see how this plays out!!!
Notes:
- Oversold daily RSI
- Volume increasing
Conclusion:
- I believe this market is ripe for a reversal. This is not a bull market, but I'm speculating that BTC's current technicals would facilitate a potential reversal given good news at the G20 summit. Fear is priced in at the moment — but a news conference can't be accurately priced into the market until after everyone gets the verdict.
Let's see how this plays out!!!
Trade active:
Good preliminary statements from G20 seem to have excited the market — taking this as confirmation of my idea.
Trade active:
Last time BTC touched off the .236 retracement (from ATH, level is ~ $9179), it retraced to $7900 and then continued to test $11,700. Monitoring if this pattern repeats itself.