BTC (BNC) 1D - Are we seeing lower lows before Trendreversal?
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.