Hi fellas!
In the previous ideas we talked about a fractal after the strong rejection BTC got from 12300-400 levels.
After some days of downwards movements BTC is losing bear momentum, but I'd expect one more step down to hit 11200-300 which happens to be the Fibonacci level 0.618 of the current wave and also EMA200 on 4H time frame.
Many analysts point to a target of 10000ish or even lower, but I believe the fractal scenario is still in play and we're gonna have a range market (Accumulation Phase) for the couple of weeks to come.
ONLY after the accumulation we can predict whether the price is going to explode upwards to test the next strong levels (13K-14K) or enter a serious retrace to prices below 10K.
Stay tuned!
In the previous ideas we talked about a fractal after the strong rejection BTC got from 12300-400 levels.
After some days of downwards movements BTC is losing bear momentum, but I'd expect one more step down to hit 11200-300 which happens to be the Fibonacci level 0.618 of the current wave and also EMA200 on 4H time frame.
Many analysts point to a target of 10000ish or even lower, but I believe the fractal scenario is still in play and we're gonna have a range market (Accumulation Phase) for the couple of weeks to come.
ONLY after the accumulation we can predict whether the price is going to explode upwards to test the next strong levels (13K-14K) or enter a serious retrace to prices below 10K.
Stay tuned!
Trade closed: target reached:
Successfully entered the specified zone.
Comment:
62K Bitcoin options are about to expire on Aug 28th. As a result the accumulation phase may be skipped and the next big move may unravel sooner than I anticipated.