After yesterday crazyness let's get our head back to the game... Let's face it, Bitcoin (and Alts in general) needed a big correction, yesterday was an energy point and regarding the outrageous rise of crypto market caps it was almost predictable. Question that remains, is it over or will we see a bounce soon?
Well, from the bearish perspective of the Gann Square I'd say we might see a bounce already, I'll publish some extra charts in the comment as you may want to wait for a proper confirmation of the reversal (basically if a candle closes bellow the 1st Arc Pair that might suggest the start of a new correction wave) but aggressive trader might want to open a long position here...
Well, from the bearish perspective of the Gann Square I'd say we might see a bounce already, I'll publish some extra charts in the comment as you may want to wait for a proper confirmation of the reversal (basically if a candle closes bellow the 1st Arc Pair that might suggest the start of a new correction wave) but aggressive trader might want to open a long position here...
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Well that's quite an interesting day... BTC keeps going down, next target would be in the 2100s, then we'll enter the 2nd arc pair and everything will be possible (bounce or doom ;))
The 1st arc pair was breached so it seems we are going down for now.... Regarding my 3rd graph bellow I would expect BTC to find support around the $2300 mark but then we'll see if the 1x2 support fan hold as well ;-)
I'll update my thoughts when we reach that stage!