Time to Short BTC
$25K is the 0.5 FIB of the DROP from $32K. It rejected for 2 weeks, then we continued down. Hit bottom, now bouncing up, but again, can’t get all bullish until that rejection turns into support. This is macro level here, 1W candles. The increase in volume of the 2 previous weekly candles suggests sell-off on the bounce. This is not really bullish to me. If the volume was lower during those two weeks, then yes, I would be stronger about price having to mark up more, but the issue now is the increased volume is likely supply release. BTC has a ceiling of $25K that needs to be broken, and until then…this is just bear market relief bounce, to head on down again.
And IF 0.5 FIB is hit at $25K, what really needs to fall to get all giddy about bull market is the 0.618 near $26,700. Til then…we just playing in the downtrend….
Good Luck!
$25K is the 0.5 FIB of the DROP from $32K. It rejected for 2 weeks, then we continued down. Hit bottom, now bouncing up, but again, can’t get all bullish until that rejection turns into support. This is macro level here, 1W candles. The increase in volume of the 2 previous weekly candles suggests sell-off on the bounce. This is not really bullish to me. If the volume was lower during those two weeks, then yes, I would be stronger about price having to mark up more, but the issue now is the increased volume is likely supply release. BTC has a ceiling of $25K that needs to be broken, and until then…this is just bear market relief bounce, to head on down again.
And IF 0.5 FIB is hit at $25K, what really needs to fall to get all giddy about bull market is the 0.618 near $26,700. Til then…we just playing in the downtrend….
Good Luck!