BTC update
The current monthly candle appears neutral. It is likely to test the 0.618 and 0.5 Fibonacci retracement levels of that candle, which are around the 55k mark.
Following this, we could see a range forming, with the range high around 60k.
Despite the monthly close, there is still no clear trend on the higher time frame. We can expect more choppiness and sideways movement. I am working on identifying dates when the market sentiment might turn positive and will share them once I have more clarity.
Looking at Line chart we should bottom between 0.236-0.382. Max drawdown is 54k
Following this, we could see a range forming, with the range high around 60k.
Despite the monthly close, there is still no clear trend on the higher time frame. We can expect more choppiness and sideways movement. I am working on identifying dates when the market sentiment might turn positive and will share them once I have more clarity.
Looking at Line chart we should bottom between 0.236-0.382. Max drawdown is 54k
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