Some days have pasted since i closed my last chart from 2 weeks ago where i have called an correction to 8100$.
The dip have achieved and even exceed my target and rebound strongly on the 0.618 Fibonacci level (around 7635$), who is now a crucial support.
So what now ?
We can see on the chart the near bottom of the ... if we don't break the Fibonacci support and make a breakout of the channel we could resume with the uptrend for higher highs as a lot of optimist traders are hoping.
But with the massive FUD and bad news (regulations, tether, etc...), bulls remains weak and i think we are still in a massive , if we close the week (and this is very likely) under our crucial 34WMA support (purple line) which act now as a resistance we will most probably test our 89WMA (yellow line) support (around 5200$).
- For the first time since a loooong time, enter in a neutral/bearish zone with the break of his major support.
- shows the beginning of a huge correction too.
All major Altcoins should follow him with different degrees of resilience.
Remember : I'm not an financial advisor and not even a professional. I do TA for my entertainment and my personal trading. Always do your own research.
I hope it will be helpful or interesting... bearishtrends are often more difficult to predict and trade than ones.
All comments are welcome, feel free to agree or disagree with constructive arguments.
Cheers everyone and good luck in the woods ! :)
Now we need to keep in mind a further correction in the weeks/months but not before a good recovery.
I'll do a new chart in the comings days to keep you updates.
Cheers everyone !
We will probably see lower lows in the comings weeks.