22/09/2020
Previously I had posted this chart and some ideas. Then I had no idea where BTC would be going as the dump we seen when the chart was posted was completely unexpected by myself so it was very messy.
Continuing from that post, the price did break down past the second purple box quite a bit and continued to drop. We then began a recovery only to drop again. The bottom seems to be finding some support on the .786 fib retracement level and some resistance around the second purple box. I have also added the CME gap that has yet to be filled although some may argue it already has but I would beg to differ.
With the recent news of more potential restrictions due to the pandemic and also more bail outs needed for alot of countries, combined with CB interest rates/inflation there is a strong possibility we could drop further if we break this fib level. If that should be the case, I would watch for the CME gap to be filled.
To be honest, I am not at all sure where we are going right now but the further downside is looking more likely for the shorter term (as I have this charted on the daily TF), I am also going to publish a weekly chart I have been watching.
Once again, I apologize for the crap description... I know what it means and hope the drawings can speak for themselves lol.
Thanks.
Continuing from that post, the price did break down past the second purple box quite a bit and continued to drop. We then began a recovery only to drop again. The bottom seems to be finding some support on the .786 fib retracement level and some resistance around the second purple box. I have also added the CME gap that has yet to be filled although some may argue it already has but I would beg to differ.
With the recent news of more potential restrictions due to the pandemic and also more bail outs needed for alot of countries, combined with CB interest rates/inflation there is a strong possibility we could drop further if we break this fib level. If that should be the case, I would watch for the CME gap to be filled.
To be honest, I am not at all sure where we are going right now but the further downside is looking more likely for the shorter term (as I have this charted on the daily TF), I am also going to publish a weekly chart I have been watching.
Once again, I apologize for the crap description... I know what it means and hope the drawings can speak for themselves lol.
Thanks.
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