BTC/USD 1D Coinbase. Fibonacci retracement, one of my favourite tools in the chartists box. I have used the Fib retracement twice on this chart in an effort to confirm one with the other.. The positions I have chosen are indicated by the price points in white to the far right on the price scale.
We see an impulse to the downside and I am preparing myself for further downside. Particularly testing the support zone at the 0.786 Fibonacci position. I could see 40K giving way and price action faking out beyond the ascending trend line A. This would possible create a long short wick for the market movers to pick up further cheaper BTC. I'm not letting the Billionaires and Banks have mine! I'm in, staying and hopefully adding soon.
The Green Curved Arrow: I'm ultimately bullish and see after this much needed correction we will soon retest the ATH.
We see an impulse to the downside and I am preparing myself for further downside. Particularly testing the support zone at the 0.786 Fibonacci position. I could see 40K giving way and price action faking out beyond the ascending trend line A. This would possible create a long short wick for the market movers to pick up further cheaper BTC. I'm not letting the Billionaires and Banks have mine! I'm in, staying and hopefully adding soon.
The Green Curved Arrow: I'm ultimately bullish and see after this much needed correction we will soon retest the ATH.
