BTC Immediate Support at 200 ema
After plotting the fibonacci levels from lows back on December 2018, and the high at June 2019, we can see that the Fib levels have acted clearly as support and resistance in several times. Considering the 200 ema as immediate support, it is very similar to the 61% Fib retracement level (aureum number), which means that is the strongest support so far.
I expect to have a complete retracement back to 7200ish, with a small bounce up to 8500ish, a brief period of consolidation and then continuing the downward trend, to form a Head& shoulder pattern.
The support directly below, could be the linear (log domain) support between 5500-4500, that can be plotted since 2013 and that has been the major trend since the beginning of bitcoin.
Conclusion: Bearish, starting the accumulation around 7200usd.
I expect to have a complete retracement back to 7200ish, with a small bounce up to 8500ish, a brief period of consolidation and then continuing the downward trend, to form a Head& shoulder pattern.
The support directly below, could be the linear (log domain) support between 5500-4500, that can be plotted since 2013 and that has been the major trend since the beginning of bitcoin.
Conclusion: Bearish, starting the accumulation around 7200usd.
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