BTC Bottom or Leg Down?
Looking back in time we can see that resting on the top of previous ATH has been a strong point of support, I mean we have been 17 weeks or so rested here now!
Looking back in time we can see that we always have got the 84% (roughly) retracement soon after the 70% (roughly) retracement. History would put the probability high that happens again. I would certainly expect that looking at this chart.
That said - we are in oversold territory, we have had liquidations such as celcius, the pound fell out of bed completely I mean its been pretty bad out there, but has it been bad enough in the market for this to be the bottom? or near the bottom?
As always I am expecting it to go down OR up. I will never know for certain which it will go. Gun to my head I would go up looking at this chart. But it would be a first for BTC to not take that 84 step down. Then again, the supply is smaller this time round.
Lets see!
NFA
Looking back in time we can see that we always have got the 84% (roughly) retracement soon after the 70% (roughly) retracement. History would put the probability high that happens again. I would certainly expect that looking at this chart.
That said - we are in oversold territory, we have had liquidations such as celcius, the pound fell out of bed completely I mean its been pretty bad out there, but has it been bad enough in the market for this to be the bottom? or near the bottom?
As always I am expecting it to go down OR up. I will never know for certain which it will go. Gun to my head I would go up looking at this chart. But it would be a first for BTC to not take that 84 step down. Then again, the supply is smaller this time round.
Lets see!
NFA
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