We can see that the wick touched the 0.786 retracement level which is in confluence of 20 period moving average.
But then the candle went back up again and is sitting pretty above fibonacci retracement level 0.618.
If it closes below the 0.618 level, see you in 8k.
If we close the weekly candle like this, parabolic is still intact and we can easily see 25k in the next few weeks.
Apparently, the recent dip was caused by the BTC Futures contracts expiring that's why there has been a sell off.
BUT
What I'm really worried about is the MACD. It's so steep and it's on the verge of diverging into bearish territory.
At this point, traders must be cautious and set tight stop loss.
RSI must not go below support which is 54, otherwise, parabolic ends and that's where doomsday begins.
Good luck!
But then the candle went back up again and is sitting pretty above fibonacci retracement level 0.618.
If it closes below the 0.618 level, see you in 8k.
If we close the weekly candle like this, parabolic is still intact and we can easily see 25k in the next few weeks.
Apparently, the recent dip was caused by the BTC Futures contracts expiring that's why there has been a sell off.
BUT
What I'm really worried about is the MACD. It's so steep and it's on the verge of diverging into bearish territory.
At this point, traders must be cautious and set tight stop loss.
RSI must not go below support which is 54, otherwise, parabolic ends and that's where doomsday begins.
Good luck!