BitcoinUpdated BTC still in a downward trend?
Apologies for all the mess on the chart, but I'm looking at the price action on the day chart right now and I can see that we're having trouble breaking up through the 62% fib levels after previously testing the 50%.
I wouldn't be happy calling a bullish movement until we've managed to get a firm toe-hold above 50% and the pair shows some strength in that direction.
I'm calling a period of uncertainty coming up and a period of consolidation until we can see clear movement. Fear is a testy task master with this pair.
BTW, I'm using the 2400 as the base of the fib as I see this as the absolute floor, let's hope we don't see this again one day!
BTCUSD
I wouldn't be happy calling a bullish movement until we've managed to get a firm toe-hold above 50% and the pair shows some strength in that direction.
I'm calling a period of uncertainty coming up and a period of consolidation until we can see clear movement. Fear is a testy task master with this pair.
BTW, I'm using the 2400 as the base of the fib as I see this as the absolute floor, let's hope we don't see this again one day!
BTCUSD
Note
The 62 resistance has now been breached and for now we see small bullish trend on the daily.
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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.