02/09/2020
In this chart with the MA's added, I used the fib extension and extended the 0 level and .236 level.
Notice how the close of yesterday (01/09/2020) and also the wick bottom of today's dump candle are exactly these levels. (01/09 close @ .236 and the wick of today @ 1.0). Today's dump candle was an engulfing beaarish candle, or is so as I type. This is something we usually do not want to see in a bull market however the retrace was only 5% and although it looks alot, Bitcoin is notorious for 30/50% dumps or more in a small time, even 30min or an hourly candle so I would worry about this drop too much.
An over leveraged 'longs' shakeout IMO and that's all I will be seeing it as until I get further data that proves otherwise.
Please do not FOMO into ANY kind of position based on small moves such as this, they are 'designed and executed' to take orders and keep the trend healthy, not allowing everyone to over leverage and get too comfortable with the uptrend or bull market.
(Personal opinion)
Notice how the close of yesterday (01/09/2020) and also the wick bottom of today's dump candle are exactly these levels. (01/09 close @ .236 and the wick of today @ 1.0). Today's dump candle was an engulfing beaarish candle, or is so as I type. This is something we usually do not want to see in a bull market however the retrace was only 5% and although it looks alot, Bitcoin is notorious for 30/50% dumps or more in a small time, even 30min or an hourly candle so I would worry about this drop too much.
An over leveraged 'longs' shakeout IMO and that's all I will be seeing it as until I get further data that proves otherwise.
Please do not FOMO into ANY kind of position based on small moves such as this, they are 'designed and executed' to take orders and keep the trend healthy, not allowing everyone to over leverage and get too comfortable with the uptrend or bull market.
(Personal opinion)
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