Price just hit the 0.618 Fibonacci Golden Ratio which is the most common level for reversal.
If price does bounce off the 0.618, a new Higher Low will be created resulting to an upward trend ($8K level must maintain as support).
Further drop may take us down to the support line at $7.7K and may continue down to the 1.272 @ $7,566
Bullish Divergence is present on this chart and the STRENGTH OF THE BULLS will eventually show up at the perfect moment.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
Ron (The Intrepid Trader)
This is not financial advice. Do your own TA and use this chart to help you decide what trade you want to make.
If price does bounce off the 0.618, a new Higher Low will be created resulting to an upward trend ($8K level must maintain as support).
Further drop may take us down to the support line at $7.7K and may continue down to the 1.272 @ $7,566
Bullish Divergence is present on this chart and the STRENGTH OF THE BULLS will eventually show up at the perfect moment.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
Ron (The Intrepid Trader)
This is not financial advice. Do your own TA and use this chart to help you decide what trade you want to make.
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If Bitcoin Must Reach The Golden 618 Ratio
