BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The chart shows the four leg-down with their retracements.
In the first retracement is labelled the bull trap it occurred when the price exceeded the 0.618%
The current leg-down is still developing
Comment: Using the tool Trend-Based Fib Extension to project the end point of the current leg down two possible points appears (labelled with a green flag)
0.618% 5889,5
0.786% 5178
Comment: Descending Triangle And key levels in the short term S/R (green line/red line)
Comment: The price is testing the triangle's base for third time
Comment: $600k is holding, for now, but every test makes weaker the support
Comment: The support ($6000) still holding
Comment: Commented on August 9th.
Using the tool Trend-Based Fib Extension to project the end point of the current leg down two possible points appears (labelled with a green flag)
0.618% 5889,5
0.786% 5178
Comment: The most relevant patterns
Comment: Fibonacci retracement
Similar fib levels. Thanks

Reply
@dRends35, Yes, very similar, same view different approach.
You are welcome.
Reply
Guys..if you like this idea give me a thumbs up!

Thanks in advance.
Trade well and trade safe.
Reply
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