• Under all Moving averages
• Fibonacci points out the .50% mark which is a major consolidation and direction indicatior
• Buyers have been picked up lower but not enough conviction to still continue higher unless continued loading
○ My Thought: ETF:
A few days ago we noted that buyers would step in around the 3100 level and so far buyers have stepped in. the next test is the 3600 level. That would be an area where most bulls could be trapped if we don’t see Bitcoin holding the 44k level which we also said was a crucial level for them to hold. We should continue back up to the 3600 level before a possible rejection should we hold 3600 we should push to 4400 test level should we fail any where in between which right now we are in an area where bears have the underhanded momentum because this is the bull trap area we can see a move bacl dow to 2687 and possibly lower to 2100. We pointed out the possible return to 32k as well on bitcoin. Trade carefully. If holding long term hold position and buy lower if applicable.
Overall: Neutral Bearish
Today: neutral bearish
• Fibonacci points out the .50% mark which is a major consolidation and direction indicatior
• Buyers have been picked up lower but not enough conviction to still continue higher unless continued loading
○ My Thought: ETF:
A few days ago we noted that buyers would step in around the 3100 level and so far buyers have stepped in. the next test is the 3600 level. That would be an area where most bulls could be trapped if we don’t see Bitcoin holding the 44k level which we also said was a crucial level for them to hold. We should continue back up to the 3600 level before a possible rejection should we hold 3600 we should push to 4400 test level should we fail any where in between which right now we are in an area where bears have the underhanded momentum because this is the bull trap area we can see a move bacl dow to 2687 and possibly lower to 2100. We pointed out the possible return to 32k as well on bitcoin. Trade carefully. If holding long term hold position and buy lower if applicable.
Overall: Neutral Bearish
Today: neutral bearish