There are two formations which I see playing out at the moment. One is positive and the other is negative.
In this prediction we have the negative outcome. BTC will move down and bounce back from the 13K level to form the right shoulder. If it finds resistance at the 16K level and bounces of this level to continue moving downwards this formation will be complete.
In this case I will turn bearish on BTC and put aside some funds into either fiat or USDT to buy BTC back at a lower level.
FIrst support and buy area I'm looking for will be the .5 fib level where coincidentally the 100 day MA is moving towards. I will scale down my buy orders continuing down to the 9K area just to be sure to get the best buys.
I don't see BTC moving lower than the 9K area and towards the 200 day MA at all. But in case this happens we have then officially entered the bearish market at which point I will exit most of my positions.
Happy trading!
In this prediction we have the negative outcome. BTC will move down and bounce back from the 13K level to form the right shoulder. If it finds resistance at the 16K level and bounces of this level to continue moving downwards this formation will be complete.
In this case I will turn bearish on BTC and put aside some funds into either fiat or USDT to buy BTC back at a lower level.
FIrst support and buy area I'm looking for will be the .5 fib level where coincidentally the 100 day MA is moving towards. I will scale down my buy orders continuing down to the 9K area just to be sure to get the best buys.
I don't see BTC moving lower than the 9K area and towards the 200 day MA at all. But in case this happens we have then officially entered the bearish market at which point I will exit most of my positions.
Happy trading!