BTC possible outcomes from current downtrend on 4HR Graph
Time for the correction of BTC, this is because we are still in bearish territory and need to challenge the descending trend. The current Retracement value is bouncing just above the 38.2% Fib Retracement Mark . Possible scenario of bullish push from this point as it lines up with the 55 EMA support. If we continue the downtrend and break this support zone we will be relying on the support around the $8400 mark and 50% Fib Retracement.
Possible Buy areas for me:
38.2% Retracement - This is between $8650 & $8750
Support Zone of roughly $8400 to $8450
50% Retracement - This is around the $8200 to $8250
This is meant for educational purposes and not financial advise.
Let me know your thoughts.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.