BTC/USD - Market Overview
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Bitcoin is nicely below the support at this point and it needs to be accepted that price would have to make a significant effort with a lot of bulls to break above the horizontal support zone once again (As well as long term side-wards resistance)
Price has 2 possibilities. It'll either come back up from current levels and retest the side-wards resistance/horizontal support zone then we see from there. Or, price breaks down again, using the fibonacci 61.8 retracement resistance to create a minor 3 wave move to the downside which would end at exactly 6210 as a measure move of the 3 wave minor correction.
Bear in mind, it's neutral now. Why take a position at this point??
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Price has 2 possibilities. It'll either come back up from current levels and retest the side-wards resistance/horizontal support zone then we see from there. Or, price breaks down again, using the fibonacci 61.8 retracement resistance to create a minor 3 wave move to the downside which would end at exactly 6210 as a measure move of the 3 wave minor correction.
Bear in mind, it's neutral now. Why take a position at this point??
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Support my analysis be leaving a LIKE and FOLLOW. It helps the channel grow and motivates me to post daily free content. :-)
Not
Price doing a perfect retest on the resistance levels!Could be a positive sign for upward movement in price!:-)
Support this analysis with your likes and follows. It motivates me to post more content.
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