Bitcoin pulled back from the pull back
Updated
The market breathes in ups and downs and even pull backs from pull backs:
After that recent drop, we saw a pullback to the 61.8% retracement from last week's highs - often pull backs happen to be towards that level.
Now 2 days ago the pull back from June's highs closed near the 61.8% retracement around 9.7k. Usually followed by a counter pull back.
That today touched the 61.8% retracement from the highs of last week around 10.65k.
In my head a Matryoshka is unfolding... Bear with me, hopefully I don't have to mention 61.8 again today.
We might see a retest of the 21 daily around currently around 10,8k or the... ehhhh 61.9 retracement - puh, that was close! - around 10,6k. But sooner or later, I remain with my bearish forecast from last week towards the daily 100 levels around 8,8k by the end of the month.
After that recent drop, we saw a pullback to the 61.8% retracement from last week's highs - often pull backs happen to be towards that level.
Now 2 days ago the pull back from June's highs closed near the 61.8% retracement around 9.7k. Usually followed by a counter pull back.
That today touched the 61.8% retracement from the highs of last week around 10.65k.
In my head a Matryoshka is unfolding... Bear with me, hopefully I don't have to mention 61.8 again today.
We might see a retest of the 21 daily around currently around 10,8k or the... ehhhh 61.9 retracement - puh, that was close! - around 10,6k. But sooner or later, I remain with my bearish forecast from last week towards the daily 100 levels around 8,8k by the end of the month.
Trade closed: target reached
It looks that the closing price might be around 10.9k, very close to the forecasted 21 daily - if we do not close above that today, we might caught a bearish signal to the downside.Comment
Last couple of days are confirming the forecasted drop, currently towards 8,5 the 50% retracement of this years' high or at least to the daily 100 around 8,9k today.
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.