SHORT BTC TO TEST SUPPORT OF ***DEATH**** (short opportunity....
As you can see via the chart yesterday we saw BTC -3.41% bounce off the .382 fib level as well as an area of support from months ago. This bounce saw two bear flags being produced which, if you zoom out to a lower time frame those two bear flag merge into one scary looking bear pennant .
However, this is an opportunity for us all, looking at this chart we have two major options which I will outline below.
A) Double bottom , the price drops back down to the major support level and gives a bounce, if this happens a trend reversal is a strong option. This historically would be following BTC -3.41% yearly fractal pattern.
B) A broken support, if the support is broken we will see BTC -3.41% start to free fall all over again. I suspect BTC -3.41% would see another several week long drop to $ (5500-5800) to test the next large area of support.
Regardless of A or B I 100% believe that we will see that resistance lines will be tested again in the next 2 weeks.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC -3.41% and will take positions accordingly.
Stay frosty,
Moglli, out.
However, this is an opportunity for us all, looking at this chart we have two major options which I will outline below.
A) Double bottom , the price drops back down to the major support level and gives a bounce, if this happens a trend reversal is a strong option. This historically would be following BTC -3.41% yearly fractal pattern.
B) A broken support, if the support is broken we will see BTC -3.41% start to free fall all over again. I suspect BTC -3.41% would see another several week long drop to $ (5500-5800) to test the next large area of support.
Regardless of A or B I 100% believe that we will see that resistance lines will be tested again in the next 2 weeks.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC -3.41% and will take positions accordingly.
Stay frosty,
Moglli, out.
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