Stinker overnight - 1.5bn liquidations on Binance. Wow. 18.5% drop whereas previous correction was 28%
Could indicate further to go:
Reclaim of this 3.0 MACRO fib would print a higher high, and could provide support
BUT 0.618 fib and the downward trend line will be strong confluence of resistance
1W chart, if we don't close above last weeks candlestick high (line chart high) come Sunday midnight, we will have 1W TF confirmed bearish divergence - could take us to as low as 40K
Today or tomorrow will be looking for 4HR oversold bullish divs for another entry, which may provide enough momentum to push above the high we need to get above come the end of the week
Last correction moved much slower - not as big wick in the hour, but we had leg down, leg up, leg back down
That leg up was capped at the 0.786 of swing high to swing low, in this case - $56,000 - could be good short opportunity
Lets see...
Could indicate further to go:
Reclaim of this 3.0 MACRO fib would print a higher high, and could provide support
BUT 0.618 fib and the downward trend line will be strong confluence of resistance
1W chart, if we don't close above last weeks candlestick high (line chart high) come Sunday midnight, we will have 1W TF confirmed bearish divergence - could take us to as low as 40K
Today or tomorrow will be looking for 4HR oversold bullish divs for another entry, which may provide enough momentum to push above the high we need to get above come the end of the week
Last correction moved much slower - not as big wick in the hour, but we had leg down, leg up, leg back down
That leg up was capped at the 0.786 of swing high to swing low, in this case - $56,000 - could be good short opportunity
Lets see...