Hi guys,
So, after Bitcoin made that impressive climb up to the 26800+ level, it faced a rather strong rejection. Now, let's get into the nitty-gritty of what's been going on:
The 0.618 Level Connection:
The interesting thing is that this level at 26800+ was precisely the 0.618 Fibonacci retracement of the previous lower high. 🧐
Here's where it gets intriguing – Bitcoin has been following a pattern of lower highs and lower lows, which is a classic sign of a downtrend. This pattern essentially confirms that Bitcoin has been experiencing a bearish trend. 📉
Now, let's talk about what might be on the horizon. Given this lower high, the probability leans towards Bitcoin potentially making another lower low in the near future. But what would trigger this? Keep an eye on the 24800 level – if Bitcoin manages to break and close below that, it could open the doors to further declines.
Target Zones:
If we do see Bitcoin break below 24800, we could be looking at targets like 23k and even 20k. And who knows, it might even venture lower from there. It's a bit like exploring uncharted territory in the crypto world!
Let's not forget the importance of responsible trading. Always remember to use proper risk management. Never allocate more than 1% of your capital to a single trade. This way, you're safeguarding your overall portfolio, even if one trade doesn't go as planned.
Use a stop loss when placing a trade. It's like a security parachute. If your stop loss is triggered, it's not the end of the world. You can always regroup and open another
position.
This isn't financial advice, just a friendly discussion about what's happening in the crypto space. Markets can surprise us, but having a keen eye on the charts and patterns is a valuable tool in navigating this exciting and sometimes turbulent journey.
Stay curious, keep learning, and may your crypto adventures be both thrilling and rewarding! 😊👍
So, after Bitcoin made that impressive climb up to the 26800+ level, it faced a rather strong rejection. Now, let's get into the nitty-gritty of what's been going on:
The 0.618 Level Connection:
The interesting thing is that this level at 26800+ was precisely the 0.618 Fibonacci retracement of the previous lower high. 🧐
Here's where it gets intriguing – Bitcoin has been following a pattern of lower highs and lower lows, which is a classic sign of a downtrend. This pattern essentially confirms that Bitcoin has been experiencing a bearish trend. 📉
Now, let's talk about what might be on the horizon. Given this lower high, the probability leans towards Bitcoin potentially making another lower low in the near future. But what would trigger this? Keep an eye on the 24800 level – if Bitcoin manages to break and close below that, it could open the doors to further declines.
Target Zones:
If we do see Bitcoin break below 24800, we could be looking at targets like 23k and even 20k. And who knows, it might even venture lower from there. It's a bit like exploring uncharted territory in the crypto world!
Let's not forget the importance of responsible trading. Always remember to use proper risk management. Never allocate more than 1% of your capital to a single trade. This way, you're safeguarding your overall portfolio, even if one trade doesn't go as planned.
Use a stop loss when placing a trade. It's like a security parachute. If your stop loss is triggered, it's not the end of the world. You can always regroup and open another
position.
This isn't financial advice, just a friendly discussion about what's happening in the crypto space. Markets can surprise us, but having a keen eye on the charts and patterns is a valuable tool in navigating this exciting and sometimes turbulent journey.
Stay curious, keep learning, and may your crypto adventures be both thrilling and rewarding! 😊👍