BTC bounce before continuing downward?
Updated
BTC has recently had one heck of a dip over the past few days, but looks like a descending channel has now begun to form (red lines) that looks like a bounce might be in order.
A bounce from around the current price also looks to be nicely around the 38.2% long-term Fibonacci retracement from the most recent high. Additionally, the 4-hour chart looks to be giving so much divergence on oscillators as confirmation that I figure it not even worth a mention.
If a bounce here does occur however, I should note that the trend definitely looks to be downward as confirmed by the descending channel as well as a head and shoulders pattern (as indicated by the red head and shoulders lines) that looks to have broken a couple of days ago that looks to nicely extend to near 27K near the 61.8% Fibonacci retracement (as indicated by the yellow dotted lines).
It should be interesting to see how it all plays out for alts if a bounce does occur, as there is a potential for a few more bounces and breakouts before a potential further drop around early-June which is fairly reminiscent of 2017.
This is not meant as any type of financial advice and is just my opinion. But please like or comment if you agree or see anything differently.
A bounce from around the current price also looks to be nicely around the 38.2% long-term Fibonacci retracement from the most recent high. Additionally, the 4-hour chart looks to be giving so much divergence on oscillators as confirmation that I figure it not even worth a mention.
If a bounce here does occur however, I should note that the trend definitely looks to be downward as confirmed by the descending channel as well as a head and shoulders pattern (as indicated by the red head and shoulders lines) that looks to have broken a couple of days ago that looks to nicely extend to near 27K near the 61.8% Fibonacci retracement (as indicated by the yellow dotted lines).
It should be interesting to see how it all plays out for alts if a bounce does occur, as there is a potential for a few more bounces and breakouts before a potential further drop around early-June which is fairly reminiscent of 2017.
This is not meant as any type of financial advice and is just my opinion. But please like or comment if you agree or see anything differently.
Note
It looks like once 40K buckled and trended downward based on the news from China, that the 34K Fib became the support and the 41.5K now looks to be resistance. Should be interesting to see if 27K is in reach so much sooner than expected.
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