Since the top of June we saw a clear correction to the previous bitcoin level. With the break of the 61,8 fib-level in the area of 7.200$ we confirmed a further downmove.
Some people say it currently looks like a doublebottom but i don´t think so. It was definitely a new low and we jumped back into a boring sideways zone.
If we want to confirm a bullrun we have to break the green resistance at the area of 7.850$ and later the falling resistance line (blue).
I think the likelihood of more downside action is much bigger. The reaction rally yesterday could not create a new higher high, it was lower high. We have to be realistic
this a bearish sign. I look for a second test of 6.420$ and the area of 5.800$ - 5.600$. If we reach this levels it is time to accumulate.
Please leave a like or a comment!
Some people say it currently looks like a doublebottom but i don´t think so. It was definitely a new low and we jumped back into a boring sideways zone.
If we want to confirm a bullrun we have to break the green resistance at the area of 7.850$ and later the falling resistance line (blue).
I think the likelihood of more downside action is much bigger. The reaction rally yesterday could not create a new higher high, it was lower high. We have to be realistic
this a bearish sign. I look for a second test of 6.420$ and the area of 5.800$ - 5.600$. If we reach this levels it is time to accumulate.
Please leave a like or a comment!