BTCUSD; Weekly Signals
Hello fellow traders,
This last weekly candle is a clear bearish engulfing candle. In context with everything else; MA 200 rejection, 7 and 200 MA cross and the bear pennant formation things do not look particularity bright for bitcoin at the moment.
Historically Bitcoin likes to fall and retrace to 61.8%. Off this current drop we have not made it to the 50% fib which suggests to me that we are not done going down. If we place the 61.8% fib on the 200 MA and look at the measured move for this bear pennant (flag pole and pennant break) we are looking at a price around 900-700.
This last weekly candle is a clear bearish engulfing candle. In context with everything else; MA 200 rejection, 7 and 200 MA cross and the bear pennant formation things do not look particularity bright for bitcoin at the moment.
Historically Bitcoin likes to fall and retrace to 61.8%. Off this current drop we have not made it to the 50% fib which suggests to me that we are not done going down. If we place the 61.8% fib on the 200 MA and look at the measured move for this bear pennant (flag pole and pennant break) we are looking at a price around 900-700.
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.