BTC - smacking head on 0.5 Retrace Fib
Wick below, bump head, criss-cross applesauce, false breakout, Bollinger squeezed down, bump head. .
In very short order (next couple hours) BTC needs to show ability to get out of the pool and on deck of the 0.5 Fib, or, next fib lower is the technical target (0.618 @ 44k).
Bull market is hurt, but not dead, technically. At the moment, retrace to the 0.618 is a good buying opportunity, if it occurs. BTC needs to figure out where support is and form a base.
Still a lot of leverage out there, not likely, but there is room for more cascading liquidation. We are fighting for the 0.50 on good volume. Low volume can mean more volatility due to low liquidity.
A retrace to the 0.786 @ $37,383 (a wick, have LO's set), and the retention of the bull market, is not off the table.
I'm, switching to neutral until I see solid support at a good retrace Fib. I will be buying lightly at the 0.50 and 0.786.
In very short order (next couple hours) BTC needs to show ability to get out of the pool and on deck of the 0.5 Fib, or, next fib lower is the technical target (0.618 @ 44k).
Bull market is hurt, but not dead, technically. At the moment, retrace to the 0.618 is a good buying opportunity, if it occurs. BTC needs to figure out where support is and form a base.
Still a lot of leverage out there, not likely, but there is room for more cascading liquidation. We are fighting for the 0.50 on good volume. Low volume can mean more volatility due to low liquidity.
A retrace to the 0.786 @ $37,383 (a wick, have LO's set), and the retention of the bull market, is not off the table.
I'm, switching to neutral until I see solid support at a good retrace Fib. I will be buying lightly at the 0.50 and 0.786.
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