So far we're seeing a lackluster recovery from bitcoin after 5 consecutive bearish 4-hour candles in a row.
Let's see if we have enough left in the tank to re-test the $56,600 zone or if we continue downward from here.
We do have a possible spring-board opportunity once we fall to $54,000. That's really the last chance the bulls have of temporarily recovering and re-testing the .618 zone again. But considering they could not push past that zone the first two times, I seriously doubt they will go for a third run on it.
Then again, I thought bitcoin would have dropped much further by now, and taken this whole market with it.
There is yet time to take the plunge. We will be ready when it happens.
Let's see if we have enough left in the tank to re-test the $56,600 zone or if we continue downward from here.
We do have a possible spring-board opportunity once we fall to $54,000. That's really the last chance the bulls have of temporarily recovering and re-testing the .618 zone again. But considering they could not push past that zone the first two times, I seriously doubt they will go for a third run on it.
Then again, I thought bitcoin would have dropped much further by now, and taken this whole market with it.
There is yet time to take the plunge. We will be ready when it happens.
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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.