BITCOIN, THIS IS THE MOST PROBABLE PATH...
BTC is most likely going to retest support around the 40,670 area before any significant move up on the macro. (indicated by the number (4) on the white bottom support line).
Shorter time-frame, I still expect BTC to eventually retest the AVL around 45k I pointed out in my last post perhaps falling a little bit further to 41,832 ish before making it there.
We can see a negative cross of the EMA's (circled) and an increase in sell volume on the MACD, (red arrow).
A retest of the bottom support line around the 40,670 area would also be a 4th test of that line which would make sense because on average price tends to test a trend line 4 times before deciding on a trend direction. (circled & numbered).
Once we began falling towards that bottom support, market sentiment will most likely turn really bearish fearing a bear market. This will be further confirmation of a reversal yet please note that BTC may also wick below that line as we did previously illustrated by (2) on the chart.
Safe trading... :)
Shorter time-frame, I still expect BTC to eventually retest the AVL around 45k I pointed out in my last post perhaps falling a little bit further to 41,832 ish before making it there.
We can see a negative cross of the EMA's (circled) and an increase in sell volume on the MACD, (red arrow).
A retest of the bottom support line around the 40,670 area would also be a 4th test of that line which would make sense because on average price tends to test a trend line 4 times before deciding on a trend direction. (circled & numbered).
Once we began falling towards that bottom support, market sentiment will most likely turn really bearish fearing a bear market. This will be further confirmation of a reversal yet please note that BTC may also wick below that line as we did previously illustrated by (2) on the chart.
Safe trading... :)
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