Post consensus downtrend
Updated
A little late with publishing this TA but is still fully ongoing
It seems that most expected an immediate bounce after the Consensus Summit 2018 but this didn't happen, e
From a fundamental stanpoint there are mostly good news but we lack volume and big investors
Some hours ago price broke a daily support @8240, entered in a bearish scenario and confirming the falling wedge that could bring down to 7700-7300$ price level
If we take a look at the weekly chart, price could touch the 50 SMA around 7700$ with a short spike down to 73xx$ where a weekly support is present
In that case we could have a possible oversold on the daily chart and reach the 0.768fib, a strong point for leading to an accumulation/lateralization phase and then a change of trend
A price lower than 0.768fib should anyway cause some concern and we'll have to look carefully at the triangle bottom trendline and watch for some panic action.
A good time for placing positions but using small allocations at least until a strong long signal is identified!
It seems that most expected an immediate bounce after the Consensus Summit 2018 but this didn't happen, e
From a fundamental stanpoint there are mostly good news but we lack volume and big investors
Some hours ago price broke a daily support @8240, entered in a bearish scenario and confirming the falling wedge that could bring down to 7700-7300$ price level
If we take a look at the weekly chart, price could touch the 50 SMA around 7700$ with a short spike down to 73xx$ where a weekly support is present
In that case we could have a possible oversold on the daily chart and reach the 0.768fib, a strong point for leading to an accumulation/lateralization phase and then a change of trend
A price lower than 0.768fib should anyway cause some concern and we'll have to look carefully at the triangle bottom trendline and watch for some panic action.
A good time for placing positions but using small allocations at least until a strong long signal is identified!
Trade closed: target reached
Price reached the zone I've traced in the green box, this seems a big confluence area and we have seen some confidence from buyers, anyway the volumes are still low and this could be just weak bounce, I'll post here a preview of two scenarios we could see in those next days and create soon a new idea
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