BTC Downward-Facing Dog - Some Possible Paths
That massive downside candle Sep 7 leading to a bearish engulfing on the weekly makes for an easy short in this range.
The question is, how far down do we go?
My guess is we go just far enough south for retail bulls to start to panic and for bears to start licking their chops, after which we will begin our next bullish macro pivot point. We know how btc likes to bounce at higher fib levels - anywhere between the .618 and .786 - so a 65-75% retracement sounds about right.
The question is, how far down do we go?
My guess is we go just far enough south for retail bulls to start to panic and for bears to start licking their chops, after which we will begin our next bullish macro pivot point. We know how btc likes to bounce at higher fib levels - anywhere between the .618 and .786 - so a 65-75% retracement sounds about right.