BTC, more pain? Or more gain?
The past few days for #bitcoin have been harsh on many, blame it on what you will, fact of the matter is, we have been slumping in price. Was it to be expected after pumping so hard Q1?
As of now, macro bull market structure seems to be intact until we break below that 0.382 fib level and close daily candles under 43560 USD. That being said, we are at some pretty crucial levels for the short term future prices of our beloved #BITCOIN. 48180-48200 is an extremely key price area as indicated by the 0.5 fib extension support. Finding support on the 0.5 fib ext level, to me, usually indicated a massive pump to the upside. Hopefully one that can break us up out past the 1 fib ext level at around 67700 and beyond. A break up past that level will signal to me that at the very least a 91k, possibly as high as 195100 #BTC is locked in, especially if we hold support on the 1:1 fib above 67800.
IF WE BREAK DOWN FROM HERE! We can very well go as low as 28600 to retest the initial break out area there at that 0 fib level, if the other fib levels fail. In my opinion, it is not likely, but anything is possible. I personally am buying at these levels and shooting for at least 91k before considering taking some money off the table. Although I will always be holding my spot positions.
All in all, I am still playing it level by level, one day at a time.
As of now, macro bull market structure seems to be intact until we break below that 0.382 fib level and close daily candles under 43560 USD. That being said, we are at some pretty crucial levels for the short term future prices of our beloved #BITCOIN. 48180-48200 is an extremely key price area as indicated by the 0.5 fib extension support. Finding support on the 0.5 fib ext level, to me, usually indicated a massive pump to the upside. Hopefully one that can break us up out past the 1 fib ext level at around 67700 and beyond. A break up past that level will signal to me that at the very least a 91k, possibly as high as 195100 #BTC is locked in, especially if we hold support on the 1:1 fib above 67800.
IF WE BREAK DOWN FROM HERE! We can very well go as low as 28600 to retest the initial break out area there at that 0 fib level, if the other fib levels fail. In my opinion, it is not likely, but anything is possible. I personally am buying at these levels and shooting for at least 91k before considering taking some money off the table. Although I will always be holding my spot positions.
All in all, I am still playing it level by level, one day at a time.
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