Bitcoin moved to the next support zone
Updated
Yesterday I forecasted Bitcoin to reach the next support zone by the end of the week - actually rather sooner than expected, but today we seem to land between 9575-9750.
That is a convergence of the 61.8% retracement from the latest highs - also the neckline of the double top we formed (bottom between the tops) - and the 38.2% from 2017.
Moves like that are usually accompanied by a pull back - in this case towards the 21 daily or the previous support zone, let's say towards an area of 10550-10700 - but let's wait and see, we first have to close in the current zone and the market could also teach me a different lesson here.
That is a convergence of the 61.8% retracement from the latest highs - also the neckline of the double top we formed (bottom between the tops) - and the 38.2% from 2017.
Moves like that are usually accompanied by a pull back - in this case towards the 21 daily or the previous support zone, let's say towards an area of 10550-10700 - but let's wait and see, we first have to close in the current zone and the market could also teach me a different lesson here.
Trade closed: target reached
The support zone I draw was too narrow, but close to the forecast, also we see the pull back to the previous support zone.We might see a retest of the 21 daily around currently around 10,8k or the 61.8% retracement from the fall since 10 Jul at 10,6k. But sooner or later, I remain with my bearish forecast towards the daily 100 levels around 8,8k by the end of the month.
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