Likely to test the blue resistance above (fib calc) and then retest this major fib it has been trapped in. bouncing from there could signal more upside for ren. Re-entering and closing bearish candles can send it lower to the fibs below. I would not enter until there is confirmation of the upside or when it retests the current box opening an order with a stoploss...
Take profit at key levels and we'll see where the next set up is.
Previous fib level broken and used for suppport. White fib above needs to be broken and closed bullish inside to approach blue fibs above.
Trading in a bear flag into resistance (shown red). VPVR Resistance. RSI momentum is to the down side with resistance. BTC 1D RSI mostly completes the arc marking end of mid term cycles. Expecting 7000s once 8800 is broken and held. Invalidated if we break and hold outside of the upper trendline and above the VPVR. This move will occur soon, within hours/days...
Bitcoin's Boll Bands have only been this tight on the 4D 7 other times in its history leading to large moves to the upside AND the downside. This hasn't occurred since March 2019 where BTC moved over 200% to the upside, not forgetting the large move before was -50% to the downside. The market is uncertain and can take it either way. I have a bearish bias until...
Circa 20 July 2020 target. Depression fractal with fibs. Bars seem to correspond.
Lower highs and lower lows. Bitmex funding staying relatively positive which often drives the price down. fib levels shown with white lines.