Longer term fibonacci channel to show reasoning of my support levels in my last trade idea (short at $6500). You can see that price right now is in the upper sub-channel and has lots of room to fall to lower channels.
Normally holding price over the 0.382 line (bottom green line) could indicate that price will move to top of sub-channel (top green line). However,...
While I am long term bullish on Bitcoin, I believe $6900 was our local top. I like the idea of starting a short here ($6300=6000), as I think will be heading back down to test support in the $4000-5000 area. I have a few reasons to be bearish currently.
Volume:
Looking at the On Balance Volume (OBV) trend, there's a resistance line starting from June 2019. OBV...
I like this fibonacci channel on the life trend of the DOW. We're near the top of the bottom sub-channel, and we could touch support in the coming weeks as COVID-19 continues to cause more lockdowns in the western world.
