Hello friends,
today I will have a look at the big dump of approximately 8% and what this means for the BTC price.
THE GOLDEN POCKET
This is the third time that the BTC-price has dumped after reaching the golden pocket (0.618-0.65 fib retracement lines) The last 2 times we saw a big dump after this happened. The first one was a dump of 37% , the second one was around 63%. (bigger dump bcs of the coronavirus.)
TARGETS
The last 2 times it dropped after reaching the golden pocket, the fib retracement lines were a strong support. I think we could again see support at the 0.236 fib retracement line around $6200
KEY SUPPORT
The bitcoin has to try to stay above the 20 EMA. If we see a close below this moving average I will definitely short the position. If the bitcoin can stay above this support I think we will see a retest of the golden pocket.
Feel free to share your thoughts on my idea.
today I will have a look at the big dump of approximately 8% and what this means for the BTC price.
THE GOLDEN POCKET
This is the third time that the BTC-price has dumped after reaching the golden pocket (0.618-0.65 fib retracement lines) The last 2 times we saw a big dump after this happened. The first one was a dump of 37% , the second one was around 63%. (bigger dump bcs of the coronavirus.)
TARGETS
The last 2 times it dropped after reaching the golden pocket, the fib retracement lines were a strong support. I think we could again see support at the 0.236 fib retracement line around $6200
KEY SUPPORT
The bitcoin has to try to stay above the 20 EMA. If we see a close below this moving average I will definitely short the position. If the bitcoin can stay above this support I think we will see a retest of the golden pocket.
Feel free to share your thoughts on my idea.