• sitting below all moving averages
• Sitting on the 0.61% range on the Fibonacci (direction test)
○ My Thought:
We are in an interesting position at this point. This is a make or break area. We are right on the Fibonacci's 0.61% level which is the make or break level for I personally would take the bearish side of this position. 42k is a previous strong resistence that would be come support if it holds. But this area is not an area of conviction for me you have a good amount of buyers back down between the 36k and 32k range. That is where I would like to buy in as a safer buy. Reason being is that the 44k area should have held and we saw a major rejection from that area. Its fair to say we could test the mid 30k range just to find some stability in this wild market before a retest of all time highs. Should we hold the current 42k range, test the 44k range and successfully keep that we could break 50k by next weekend. I would still like to see the rest of the buyers get picked up at the 36k to 32K range.
ETF: BITO
Overall: Bearish
Today: Neutral Bearish
• Sitting on the 0.61% range on the Fibonacci (direction test)
○ My Thought:
We are in an interesting position at this point. This is a make or break area. We are right on the Fibonacci's 0.61% level which is the make or break level for I personally would take the bearish side of this position. 42k is a previous strong resistence that would be come support if it holds. But this area is not an area of conviction for me you have a good amount of buyers back down between the 36k and 32k range. That is where I would like to buy in as a safer buy. Reason being is that the 44k area should have held and we saw a major rejection from that area. Its fair to say we could test the mid 30k range just to find some stability in this wild market before a retest of all time highs. Should we hold the current 42k range, test the 44k range and successfully keep that we could break 50k by next weekend. I would still like to see the rest of the buyers get picked up at the 36k to 32K range.
ETF: BITO
Overall: Bearish
Today: Neutral Bearish
Note
TradingView can I get editors pick?? I called this last week!!!!! lolTrade active
Partial short profit takenNote
For those who cant tell. I am a bears fan. Green candles are orange and blue candles are redTrade closed: target reached
$34k hit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.