Bitcoin is rallying since couple of days and making all Bulls extremely happy, yet, we need to pay attention of possible downtrends or invalided patterns for a bullish scenario.
The falling wedge (purple) is playing out so far. Adding FIBA from the local high (5. NOV - Start FTX Saga) we see that level of -0.618 are reasonable.
For now we are looking at Fiba level 0.5 that coincides with the falling wedge and a Reversal Point (blue). Eventually we get higher to Fiba 0.618 as potential Bull trap and get all the way down before we rally.
At the level of 18,700$ for Bitcoin is a major liquidation level waiting to dumb the price. Another liquidation levels are at 15,500$ and 13,800$
Thanks for reading, commenting and sharing.
The falling wedge (purple) is playing out so far. Adding FIBA from the local high (5. NOV - Start FTX Saga) we see that level of -0.618 are reasonable.
For now we are looking at Fiba level 0.5 that coincides with the falling wedge and a Reversal Point (blue). Eventually we get higher to Fiba 0.618 as potential Bull trap and get all the way down before we rally.
At the level of 18,700$ for Bitcoin is a major liquidation level waiting to dumb the price. Another liquidation levels are at 15,500$ and 13,800$
Thanks for reading, commenting and sharing.
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