This is a very extreme outlook. It holds some weight, but I wouldn't put any guarantees on it.
There is a lot of confluence for resistance in the range of 8400-8700+/- where the bulls may attempt to push up and attempt to regain control. It will be interesting to see how strong the resistance actually is.
There is the possibility that Fib traders will be looking at playing the 1:1 on the retrace of BTC from 14K+/- Which could see BTC make a double bottom near our Dec '18 low if it plays out completely.
We could see a Truncated ABC and find support on the 200MA/EMA on the weekly where the price is just too good for buyers to resist.
It cannot be completely clear If COVID-19 is playing havoc on the crypto-sphere as it is on traditional markets. I prefer to trade Technicals>Fundamentals personally.
There is a lot of confluence for resistance in the range of 8400-8700+/- where the bulls may attempt to push up and attempt to regain control. It will be interesting to see how strong the resistance actually is.
There is the possibility that Fib traders will be looking at playing the 1:1 on the retrace of BTC from 14K+/- Which could see BTC make a double bottom near our Dec '18 low if it plays out completely.
We could see a Truncated ABC and find support on the 200MA/EMA on the weekly where the price is just too good for buyers to resist.
It cannot be completely clear If COVID-19 is playing havoc on the crypto-sphere as it is on traditional markets. I prefer to trade Technicals>Fundamentals personally.