Hello Traders,
New Thesis on BTC,
We may have had a blow off top and potentially be in the complacency stage of the Wall street cheat sheet,
Points to consider,
- Parabolic rise with a pull back of over 25%, the reaction rally which was expected
- The rally was short lived with below average volume
- Fibonacci target of 0.618 From daily ATH was met, typically a turning point in BTC price history
- Volume is visually declining, this usually means an impulse move is around the corner
Bitcoin is currently testing the daily .50 Fibonacci line, where a break of this will likely test lower levels, if the price however holds and pushes up with volume, then bulls have a greater chance on hitting higher highs and continuing this parabolic phase, although this needs to be confirmed with a break of the 0.618 Fibonacci level, we are currently trading in no mans land...
What are your thoughts? Please leave a like and comment
and remember,
“Losses are necessary, as long as they are associated with a technique to help you learn from them” - David Sikhosana
New Thesis on BTC,
We may have had a blow off top and potentially be in the complacency stage of the Wall street cheat sheet,
Points to consider,
- Parabolic rise with a pull back of over 25%, the reaction rally which was expected
- The rally was short lived with below average volume
- Fibonacci target of 0.618 From daily ATH was met, typically a turning point in BTC price history
- Volume is visually declining, this usually means an impulse move is around the corner
Bitcoin is currently testing the daily .50 Fibonacci line, where a break of this will likely test lower levels, if the price however holds and pushes up with volume, then bulls have a greater chance on hitting higher highs and continuing this parabolic phase, although this needs to be confirmed with a break of the 0.618 Fibonacci level, we are currently trading in no mans land...
What are your thoughts? Please leave a like and comment
and remember,
“Losses are necessary, as long as they are associated with a technique to help you learn from them” - David Sikhosana