As you can see via the chart yesterday we saw BTC bounce off the .382 fib level as well as an area of support from months ago. This bounce saw two bear flags being produced which, if you zoom out to a lower time frame those two bear flag merge into one scary looking bear pennant.
However, this is an opportunity for us all, looking at this chart we have two major options which I will outline below.
A) Double bottom, the price drops back down to the major support level and gives a bounce, if this happens a trend reversal is a strong option. This historically would be following BTC yearly fractal pattern.
B) A broken support, if the support is broken we will see BTC start to free fall all over again. I suspect BTC would see another several week long drop to $ (5500-5800) to test the next large area of support.
Regardless of A or B I 100% believe that we will see that resistance lines will be tested again in the next 2 weeks.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
However, this is an opportunity for us all, looking at this chart we have two major options which I will outline below.
A) Double bottom, the price drops back down to the major support level and gives a bounce, if this happens a trend reversal is a strong option. This historically would be following BTC yearly fractal pattern.
B) A broken support, if the support is broken we will see BTC start to free fall all over again. I suspect BTC would see another several week long drop to $ (5500-5800) to test the next large area of support.
Regardless of A or B I 100% believe that we will see that resistance lines will be tested again in the next 2 weeks.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.