Patience is the key here, a leading diagonal off of a pivot will often retrace deeply between to the 0.618 and 0.786 in an ABC Zigzag formation.
Unsurprisingly after BTC broke out of the rising wedge, earlier we dropped to the 7300 support, from here i expect a little upmovement to the 50% fib level, before the next move down.
Really not good that the bulls couldn't get over the 7600 resistance level, after so many attempts, on this move down the 7100 support is key if the bulls do not want to lose total control. if the long trend line breaks(already tested 3 times) and we go below 7000, the next stop would be 6500, and getting back from there would be a massive task, likely start a very long bear market.
Unsurprisingly after BTC broke out of the rising wedge, earlier we dropped to the 7300 support, from here i expect a little upmovement to the 50% fib level, before the next move down.
Really not good that the bulls couldn't get over the 7600 resistance level, after so many attempts, on this move down the 7100 support is key if the bulls do not want to lose total control. if the long trend line breaks(already tested 3 times) and we go below 7000, the next stop would be 6500, and getting back from there would be a massive task, likely start a very long bear market.
Comment:
Looks like the bear flag is about to break down looking at the 15 min chart. Really not looking good for BTC atm. also keeping an eye on ETH, EOS playing all kind of tricks, maybe market dump ETH over weekend?