Local Downtrend Broken - Potential Relief Rally to test 20 wk MA
Bitcoin seems to have followed this fib sequence in conjunction with its rising wedge and Wyckoff distribution top.
It appears that we have broken the local downtrend in BTC, and there is a chance that we may go up and test the 20 week MA, which is close to a good S/R area for BTC around 48.6k.
We either gain support there, or we fail. If we fail, I've seen possibilities into the 20ks, and even as low as 10K.
There is relative fib confluence with just this one set of fibs if this plays out as a giant head and shoulders, pictured.
I've attached some related ideas for reference.
Thank you!
It appears that we have broken the local downtrend in BTC, and there is a chance that we may go up and test the 20 week MA, which is close to a good S/R area for BTC around 48.6k.
We either gain support there, or we fail. If we fail, I've seen possibilities into the 20ks, and even as low as 10K.
There is relative fib confluence with just this one set of fibs if this plays out as a giant head and shoulders, pictured.
I've attached some related ideas for reference.
Thank you!
