All told, Bitcoin just did a 35% bounce from the 0.618 fib retracement all the way back up to the 0.382 fib line, which coincides with our May 2018 peak. It's a commendable bounce and BTC deserves a stand-O for it.
However, while it would be incredible to close this daily/weekly candle above the 0.382 fib line, it's probably asking a lot of Bitcoin to do that. Of course I hope I am wrong about this, but most likely we are going to close below it and now spend some time (ie, a few weeks) ranging between these two fib lines - which are at 9800 and 8500, respectively.
Of course I'd love to be wrong about this and just see us charge upward, and I'm not saying it's time to short. More like, be patient and wait for a good long entry.
However, while it would be incredible to close this daily/weekly candle above the 0.382 fib line, it's probably asking a lot of Bitcoin to do that. Of course I hope I am wrong about this, but most likely we are going to close below it and now spend some time (ie, a few weeks) ranging between these two fib lines - which are at 9800 and 8500, respectively.
Of course I'd love to be wrong about this and just see us charge upward, and I'm not saying it's time to short. More like, be patient and wait for a good long entry.
