Take a look at the level of caution of $BTC price when it comes to Fibo levels. Moreover, during the period of recovering after the 12th March dump the price has been forming an ascending wedge.
There are two possible outcomes: obvious and strange.
1. The obvious one is to dump from $7800 - $8000 area to the 0.5 - 0.618 Fibo levels in form of correction. Besides those factors which were already mentioned, the OI fell down for 8% during recent day, big LONG positions are closing there.
2. The strange option is a formation of ascending triangle below the $8000 level in order to breakout this level and go higher. Unfortunately, this option is not my bet.
There are two possible outcomes: obvious and strange.
1. The obvious one is to dump from $7800 - $8000 area to the 0.5 - 0.618 Fibo levels in form of correction. Besides those factors which were already mentioned, the OI fell down for 8% during recent day, big LONG positions are closing there.
2. The strange option is a formation of ascending triangle below the $8000 level in order to breakout this level and go higher. Unfortunately, this option is not my bet.
