Bitcoin reaching key decision point in the next day or two.
We are seeing a long-term descending triangle (not exactly a symmetrical one unfortunately) [in blue] and a short/mid-term wedge [purple] forming on the 2hr charts.
These two key points end roughly at the official fib level of 78.6% which lies around $6820.
I also would like to highlight the justification for the starting point of my fibonacci retracement @ $3000.
I am of the strongest belief that the starting point of all fibonacci retracements should start from the bottom of the candle with the very first big (and clear) volume pump historically. In this case, it is the volume associated with the retrace to 61.8% @ 3k which I've left in the charts.
We can see that starting the fib level from 3k and ending it at ~$19,875 (All time high) we can see with quite clarity how bitcoin has bounced off this in the past.
It will be crucial in the coming days to see what the mid/long term direction of bitcoin will be. I am neither bullish nor bearish at which direction the overall move will make.
I am however bearish from current price of $7400 that we should see approximately $6800 before the key decision of bitcoin is made.
These two key points end roughly at the official fib level of 78.6% which lies around $6820.
I also would like to highlight the justification for the starting point of my fibonacci retracement @ $3000.
I am of the strongest belief that the starting point of all fibonacci retracements should start from the bottom of the candle with the very first big (and clear) volume pump historically. In this case, it is the volume associated with the retrace to 61.8% @ 3k which I've left in the charts.
We can see that starting the fib level from 3k and ending it at ~$19,875 (All time high) we can see with quite clarity how bitcoin has bounced off this in the past.
It will be crucial in the coming days to see what the mid/long term direction of bitcoin will be. I am neither bullish nor bearish at which direction the overall move will make.
I am however bearish from current price of $7400 that we should see approximately $6800 before the key decision of bitcoin is made.
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