The well known ponzi scheme bitconnect being shut down extending our initial "crypto crackdown fear" slide into potential end of 4th wave and C correction.
.5 Retracement of full market range acted as stop point as did .764 extension off A -> B and previous low in december crash.
Hope for more positive reaction into asian session to recover the losses
.5 Retracement of full market range acted as stop point as did .764 extension off A -> B and previous low in december crash.
Hope for more positive reaction into asian session to recover the losses
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Break through low look for $7898 as invalidation of wave structure
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.764 off wave 2-3 hit
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Levels to bear in mind if we do start to climb(chart bit messy):
Caught between channel + .236 retrace 17th dec -> yesterday lows
.382 b -> c decline
.5 retrace 2 -> 3 up which was also significant support
Caught between channel + .236 retrace 17th dec -> yesterday lows
.382 b -> c decline
.5 retrace 2 -> 3 up which was also significant support
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.382 test
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Caught in this range between .382 & .236 + trend line. Bullish flag potentially. Look for break of .382 and 50 RSI
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Next level is previous range low @~$12700
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testing this area
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Probed above the level but closed below it.
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Expected pullback after 44% climb in 3 days. Price rejected at strong area of resistance. 50 RSI still holding on 4h chart
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Potentially