Bitcoin Bearish On -50% Fibonacci sequence - Not Bottom Yet!
This is mostly for BTC swing traders, but has a global view value as well.
Money goes into gold and Silver when fearful, and cash when panic hits.
Money isn't sure were to go, and is selling speculations. How can the charts be interpreted at the moment? "WE Dumping" is the only certainty.
Zooming out to a daily chart, and looking at a -50% Fibonacci sequence. Above that is bullish and below bearish. We are flirting with a -50% downside and have already lost the daily 200ma. The 314ma can be a powerful MA to watch, and it's right about 50%. It's a possible bounce spot if the markets turn up (but be careful, fake outs to rekt retail traders might happen for days/weeks).
I think that until cash flows back into the market into Gold/Silver first, BTC will continue down to a 618 or 786 Fibonacci support and bounce. Or maybe just really dump...
Play this safe for a BTC Long Swing, I will keep updating.
This is mostly for BTC swing traders, but has a global view value as well.
Money goes into gold and Silver when fearful, and cash when panic hits.
Money isn't sure were to go, and is selling speculations. How can the charts be interpreted at the moment? "WE Dumping" is the only certainty.
Zooming out to a daily chart, and looking at a -50% Fibonacci sequence. Above that is bullish and below bearish. We are flirting with a -50% downside and have already lost the daily 200ma. The 314ma can be a powerful MA to watch, and it's right about 50%. It's a possible bounce spot if the markets turn up (but be careful, fake outs to rekt retail traders might happen for days/weeks).
I think that until cash flows back into the market into Gold/Silver first, BTC will continue down to a 618 or 786 Fibonacci support and bounce. Or maybe just really dump...
Play this safe for a BTC Long Swing, I will keep updating.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.