BTC Possible Downside on the Horizon!!?
Taking a look at our BTC daily chart we have fallen hard out of the bullish triangle pattern and now are pushing some crucial levels, the most important level as of right now is the 0.786 FIB level at 37.7K aprx, if we do see a daily close below this level it could trigger a bit of a slip to the downside. One critical level that we have fallen through is the pivot point right around 39.8K this is an important level because depending on the direction we fall through or break above it can trigger a run in that direction, so in this case we have seen a breakthrough to the downside! Now we will look at the moving FIB bands, as you guys can see our bottom grey FIB level lines up perfectly with the 0.786 FIB, if we fall below here and close below i would expect some downside to come, now we could fall into the next red fib band level or the next pink support at 35K exactly. Now the squeeze momentum indicator is just coming out of a big bullish squeeze where we saw some nice upside, now we are currently on our first red bar we have seen in a little while, if we continue to see these red bars day after day and with them increasing in size day after day we will be looking at a confirmed bearish squeeze. Now we have 2 parts to this indicator, the black crosses represent the squeeze portion and the white crosses represent the squeeze release, which we are actually currently seeing, the release is the mist explosive part to this indicator and can bring some big swings in price action in this case the downside direction. Not financial advice just my opinion!
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