CME BTC update!
Major changes since the last BTC structure thesis. Here's what I see currently...
On log scale, an interesting 20K level pivot.
The 2019 run broadening wedge measured move was 20K, now the diamond top breakdown measure is also 20K. On the diagonal fibs it is sitting at the 0.5 retrace with a wick on the weekly.
Golden pocket areas throughout history were significant pivot points with the most recent being a gap down.
Fibs get tested - .618 = 28.8K, .382 = 17.5K (fib intersecting the wedge support).
Weekly close in 1 day with a strong sell candle into support. Under 27.4 still bearish and I believe only that pocket fib will be the flip point for any potential upside.
On log scale, an interesting 20K level pivot.
The 2019 run broadening wedge measured move was 20K, now the diamond top breakdown measure is also 20K. On the diagonal fibs it is sitting at the 0.5 retrace with a wick on the weekly.
Golden pocket areas throughout history were significant pivot points with the most recent being a gap down.
Fibs get tested - .618 = 28.8K, .382 = 17.5K (fib intersecting the wedge support).
Weekly close in 1 day with a strong sell candle into support. Under 27.4 still bearish and I believe only that pocket fib will be the flip point for any potential upside.
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