Bitquence VS Bitcoin Falling Down
Updated
Bitquence recently found the high at 33650 satoshis, after which price went down sharply. It broke below the 50 Moving Average and then penetrated the uptrend trendline, suggesting the continuation of the move down.
The Fibonacci applied to the corrective wave after breaking the trendline and the moving average, shows that BQX/BTC rejected the 127.2% level twice, that is 25450 satoshis, after which price produced a new lower low.
Currently the downtrend continuation seems imminent and price is very likely to decline towards the key support at 20.5k satoshis area, that is confirmed by two Fibonacci retracement levels. First is 76.4% and second is 327.2%.
Only break above the 25.5k satoshis resistance level could invalidate bearish outlook and result in the continuation of the uptrend.
The Fibonacci applied to the corrective wave after breaking the trendline and the moving average, shows that BQX/BTC rejected the 127.2% level twice, that is 25450 satoshis, after which price produced a new lower low.
Currently the downtrend continuation seems imminent and price is very likely to decline towards the key support at 20.5k satoshis area, that is confirmed by two Fibonacci retracement levels. First is 76.4% and second is 327.2%.
Only break above the 25.5k satoshis resistance level could invalidate bearish outlook and result in the continuation of the uptrend.
Trade closed: target reached
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