Hello, everyone!
Yesterday I told you that the boring downside move is going to happen. I think it has started yet. Bitcoin still did not break down the key support. In case of breakdown we can point out the global bottom target.
On the 1D timeframe of the BTCUSDT chart we can build the Fibonacci levels. The price hit exactly the 0.5 level and got a rejection. In case of trend continuation according to Fib Div strategy the zone 27 is the last target. Now it is located at $13-15k. To finish the downtrend market have to draw wave 5, which usually corresponds with the clear divergence. Technically we have this divergence with the wave which ended at $17.5k, but it’s too weak, moreover the zero line crossover is minimal. The current wave is more likely the wave 4, thus we will see the wave 5, clear divergence and the new lower low.
Good luck!
Yesterday I told you that the boring downside move is going to happen. I think it has started yet. Bitcoin still did not break down the key support. In case of breakdown we can point out the global bottom target.
On the 1D timeframe of the BTCUSDT chart we can build the Fibonacci levels. The price hit exactly the 0.5 level and got a rejection. In case of trend continuation according to Fib Div strategy the zone 27 is the last target. Now it is located at $13-15k. To finish the downtrend market have to draw wave 5, which usually corresponds with the clear divergence. Technically we have this divergence with the wave which ended at $17.5k, but it’s too weak, moreover the zero line crossover is minimal. The current wave is more likely the wave 4, thus we will see the wave 5, clear divergence and the new lower low.
Good luck!
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