BTCUSD; 100%?
Market is now below the last Fibonacci level (76.4%) which implies a 100% correction (between 6775 and 6500).
While lower highs and lows are still seeing momentum with bears short-term, in a wider view, market could still set a higher low after the better floor at the above mentioned area back in april. Note that the bigger belt hold candle (up arrow) has it's low against 6750, making this a critical support below first support at 7030 (tested).
Market is also against the low end of a short-term bearchannel; should market cross above yesterday's high (7437.7) then a countermove to the top end of the channel is likely (around 8000 currently).
While lower highs and lows are still seeing momentum with bears short-term, in a wider view, market could still set a higher low after the better floor at the above mentioned area back in april. Note that the bigger belt hold candle (up arrow) has it's low against 6750, making this a critical support below first support at 7030 (tested).
Market is also against the low end of a short-term bearchannel; should market cross above yesterday's high (7437.7) then a countermove to the top end of the channel is likely (around 8000 currently).
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