Bitcoin - Gann Math
Updated
Gann ratio's all over it.
Trade active
Price closing below the circle (<11125 USD) showing that the trend is losing steam. One of the reasons could be the start of the holiday season which is about to start, people taking profit, buying flight tickets, book hotels, etc.Also I assume many people want to put trading to a rest while they take a holiday break, so these could be all the positions closing. A close below 10500 on this daily candle will be bad as this is yet another important gann angle to hold.
The first real support based on Gann would then be around 9440-9700 USD if support breaks at 10450.
Note
50% Down is 8498 USD from low to high.Note
If you zoom out everything become easier too see, there is a lot of resemblance in the chart with ATH, fractal wise and also breaking a trendline which supported the uptrend. A break above 11600 would invalidate the current setup, if bulls are there show some strength. Trade active
We closed yesterday below 10380 and this results in a bearish trend with plenty of resistance above. Major down target becomes more likely 7550-8300.Trade active
Yellow line 0.5 is what need to stay in tact to keep the trend in uptrend, below that it's bearish.
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