BTC movement-Closer to a pullack than testing 9600$ #btc #btcusd
Updated
Hello guys I hope you had a great weekend,
Let's see the latest price movement of btc and what assumption we can make from it.
The triangle that is formed in the daily chart shows us that the price of btc appear signs of exhaustion. After the big green candles price is moving more parallel to the lower line than testing the upper line of the triangle. In fact we can observe five pretty big breaking points of the lower line, signs of the exhaustion I wrote above. Its fair to say we can anticipate an even bigger breakdown of the lower line after the continuous testing of it, which can lead initially to a retesting of 8000$.
Let's observe our assumption both with a short term fibonacci retracement and a long term one. The short term fib retracement formed from the latest big price movement (9090-7975$) shows in the beginning a bullish rebound of the price, managing to cross the 50% fib - 8534$ and almost touching the 78,6% fib - 8854$ where it got rejected though yesterday. At the latest price movement on the other hand we see a bearish posture forming and the price gets a pullback under 50% fib 8534$ and even momentarily crossing the 38,2% fib 8402$. If this bearish posture continuous and if it clearly breaks 38.2% next pullbacks targets are at 23,6% fib - 8239$ and at the lowest recent price of 8000$.
As far as it concerns the long term fibonacci forming between the ATH and the lowest price after 2017, we can see that the 38.2% fib is at 9575$ where price seems to have big difficulty to reach and at the same time showing us that a retest of 23,6% fib at 7137% maybe is more possible and even more healthier in order to gain momentum before it moves back to break 9536$ or higher. At this point I have to say that IMO a even bigger retrace won't be a bad sign but a healthy sign for the price to gain more strength and confidence for the big movement connected to the time line of the halvening and the price involvement to this event.
Let's see how it goes from here and update our thoughts in a later time.
Let's see the latest price movement of btc and what assumption we can make from it.
The triangle that is formed in the daily chart shows us that the price of btc appear signs of exhaustion. After the big green candles price is moving more parallel to the lower line than testing the upper line of the triangle. In fact we can observe five pretty big breaking points of the lower line, signs of the exhaustion I wrote above. Its fair to say we can anticipate an even bigger breakdown of the lower line after the continuous testing of it, which can lead initially to a retesting of 8000$.
Let's observe our assumption both with a short term fibonacci retracement and a long term one. The short term fib retracement formed from the latest big price movement (9090-7975$) shows in the beginning a bullish rebound of the price, managing to cross the 50% fib - 8534$ and almost touching the 78,6% fib - 8854$ where it got rejected though yesterday. At the latest price movement on the other hand we see a bearish posture forming and the price gets a pullback under 50% fib 8534$ and even momentarily crossing the 38,2% fib 8402$. If this bearish posture continuous and if it clearly breaks 38.2% next pullbacks targets are at 23,6% fib - 8239$ and at the lowest recent price of 8000$.
As far as it concerns the long term fibonacci forming between the ATH and the lowest price after 2017, we can see that the 38.2% fib is at 9575$ where price seems to have big difficulty to reach and at the same time showing us that a retest of 23,6% fib at 7137% maybe is more possible and even more healthier in order to gain momentum before it moves back to break 9536$ or higher. At this point I have to say that IMO a even bigger retrace won't be a bad sign but a healthy sign for the price to gain more strength and confidence for the big movement connected to the time line of the halvening and the price involvement to this event.
Let's see how it goes from here and update our thoughts in a later time.
Note
Goodmorning boys and girls,Btc made it's move during the night (european time) and broke both 23,6% fib level at 8239$ and the lowest limit of 7975 from the widespan 9090-7975$ of the short term fibonacci retracement we were talking about at my main post. If it won't rebound soon enough it's more possible to move lower and retest the latest support at 7500$.
Let's where it will go from here, at present time price is at 7899$
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