Chart from a few minutes ago:
Now a few minutes later we can see a very strong bounce from the 0.618.
This tidy bounce from the 0.618 signals that this slump was a simple retracement back to 1/Phi - 0.618.
And so it may be that this fear test was the first correction wave.
If correct then there will likely be another 3 to follow.
This slump was in tandem with stock indexes slumping
Nasdaq Futures:
The danger is that stock indexes may have a higher degree wave down.
If it did that could potentially drag crypto down, but its been a quick recovery in this short term area after falling from an ascending line and slightly higher high above resistance; both events with bearish potential.
So far so good though in the immediate short term- this has been a very strong recovery bounce for Bitcoin 👍.
Not advice
Now a few minutes later we can see a very strong bounce from the 0.618.
This tidy bounce from the 0.618 signals that this slump was a simple retracement back to 1/Phi - 0.618.
And so it may be that this fear test was the first correction wave.
If correct then there will likely be another 3 to follow.
This slump was in tandem with stock indexes slumping
Nasdaq Futures:
The danger is that stock indexes may have a higher degree wave down.
If it did that could potentially drag crypto down, but its been a quick recovery in this short term area after falling from an ascending line and slightly higher high above resistance; both events with bearish potential.
So far so good though in the immediate short term- this has been a very strong recovery bounce for Bitcoin 👍.
Not advice
Note
Didn't get time to post but it was a bearish ascending wedge in the recent area as I posted to the commenter below.And that has led to a bearish slump:
Might be some bearish continuation, I'll make a post sometime soon, maybe a video.
Stay tuned 👍
Note
Made new thread 👍Note
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.