Price retracement. Potential buy trade at 7000 and 6600
Updated
- On 4hr chart, price is keep making new Lower High (LH) and new Lower Low (LL) which indicated the price will keep moving downward.
- Expecting price back to bullish trend at 38.2% or 61.8% Fibonacci zone. Price might have 2 separate bullish pullback at 38.2% (7000) and 61.8% (6600) fibo zone.
fxempire.com/forecasts/article/bitcoin-ethereum-price-forecast-prices-move-lower-fork-nears-448848
Prices Under Pressure
This is the same trend that we are seeing now as well and we believe that this consolidation and correction will continue in the lead up to the hard fork. This fork is expected to have a larger impact than the previous ones as it involves some of the major developers in the bitcoin team and also due to the bad blood that has been seen between the 2 teams in the lead up to this fork. So, expect the correction to have some support in the $7000 and $6800 region for the short term and once the fork is complete, it would be important to see how strong it is and how many of the developers and miners branch off to the new crypto so that we can get an assessment of its impact on the main bitcoin. This will likely lead the way for the prices in the short and medium term.
- Expecting price back to bullish trend at 38.2% or 61.8% Fibonacci zone. Price might have 2 separate bullish pullback at 38.2% (7000) and 61.8% (6600) fibo zone.
fxempire.com/forecasts/article/bitcoin-ethereum-price-forecast-prices-move-lower-fork-nears-448848
Prices Under Pressure
This is the same trend that we are seeing now as well and we believe that this consolidation and correction will continue in the lead up to the hard fork. This fork is expected to have a larger impact than the previous ones as it involves some of the major developers in the bitcoin team and also due to the bad blood that has been seen between the 2 teams in the lead up to this fork. So, expect the correction to have some support in the $7000 and $6800 region for the short term and once the fork is complete, it would be important to see how strong it is and how many of the developers and miners branch off to the new crypto so that we can get an assessment of its impact on the main bitcoin. This will likely lead the way for the prices in the short and medium term.
Note
The power of fibo 61.8 magic number
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