BTC bouncing off .382 fib
BTC bouncing off .382 fib
Since Tuesday's drop,
BTC seems to be coming up from a second bounce off the .382 resistance at ~$12,000. Downward wedge gives me the feeling it's going to rise a few days to the .5 resistance at $13,000. If it breaks out from there, I'll feel more confident that the recovery from this drop will finally bounce us into a bull market. (Of course long hodl term, it has been and continues to be a raging bull market). In that scenario, this drop will have been a needed but robustly-recovered-from correction to the price insanity and infrastructure overload that was the glorious rush of (most of) December 2017.
Other Indicators
The Volume Flow Indicator is unclear. The Mayer Multiple seems poised for another bull run—though, for now, lingering at low prices for awhile longer while the market gathers energy still seems a distinct possibility.
Since Tuesday's drop,
BTC seems to be coming up from a second bounce off the .382 resistance at ~$12,000. Downward wedge gives me the feeling it's going to rise a few days to the .5 resistance at $13,000. If it breaks out from there, I'll feel more confident that the recovery from this drop will finally bounce us into a bull market. (Of course long hodl term, it has been and continues to be a raging bull market). In that scenario, this drop will have been a needed but robustly-recovered-from correction to the price insanity and infrastructure overload that was the glorious rush of (most of) December 2017.Other Indicators
The Volume Flow Indicator is unclear. The Mayer Multiple seems poised for another bull run—though, for now, lingering at low prices for awhile longer while the market gathers energy still seems a distinct possibility.
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.