BITCOIN - DUMPING But How Low Will It Go ?
Updated
Bitcoin has been dumping hard with indexes and many are now considering that a deep correction is now on.
Its worth noticing that Bitcoin is in a key 0.618 - 0.786 retracement area.
It is higher probability to bounce in this area than other areas of the chart.
Historically Bitcoin loves to bounce near the 0.786.
A lot depends on stock indexes...
Because all 3 major indexes have had a sell off at the critical 1.618 reverse extension.
S&P500 Futures:
Nasdaq Futures:
Dow Jones Futures:
So if they are now to have a more significant correction then of course Bitcoin will also get dragged down.
This happens every time stock indexes have a major sell off.
Historically, Bitcoin is not immune to bearish stock index price action, and would sell off also.
And as I have posted on another thread, TOTAL has also hit a significant 1.618 extension with significant selling thereafter (linked below)
So we'll see how it develops.
If Bitcoin holds this ratio band down to 97.6K then it may be the pivot for the next major wave up.
And it can exceed the 0.786 a little; perhaps down to around 93.8K as overshoot.
But any lower than that and a major collapse could be on.
And this will most likely tie in with stock indexes.
...
If you're not aware of these ratios and how the market reacts and is reacting to them, then you are not in tune with price action.
Notice that there are no other publishers on TradingView showing you these ratios and their significance.
It is because they have no idea about them.
Not advice
Its worth noticing that Bitcoin is in a key 0.618 - 0.786 retracement area.
It is higher probability to bounce in this area than other areas of the chart.
Historically Bitcoin loves to bounce near the 0.786.
A lot depends on stock indexes...
Because all 3 major indexes have had a sell off at the critical 1.618 reverse extension.
S&P500 Futures:
Nasdaq Futures:
Dow Jones Futures:
So if they are now to have a more significant correction then of course Bitcoin will also get dragged down.
This happens every time stock indexes have a major sell off.
Historically, Bitcoin is not immune to bearish stock index price action, and would sell off also.
And as I have posted on another thread, TOTAL has also hit a significant 1.618 extension with significant selling thereafter (linked below)
So we'll see how it develops.
If Bitcoin holds this ratio band down to 97.6K then it may be the pivot for the next major wave up.
And it can exceed the 0.786 a little; perhaps down to around 93.8K as overshoot.
But any lower than that and a major collapse could be on.
And this will most likely tie in with stock indexes.
...
If you're not aware of these ratios and how the market reacts and is reacting to them, then you are not in tune with price action.
Notice that there are no other publishers on TradingView showing you these ratios and their significance.
It is because they have no idea about them.
Not advice
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Stock indexes and Bitcoin have printed a whipsawing bear trap low, shaking out many traders.
And so this bounce is very bullish.
Bitcoin did overshoot a little further than expected...
But its looking strong here and this may well be a great dip buy area with momentum 👍🏻.
Note
Just hit the lower time frame retracement 0.786 overshoot ratio.
I just entered a x8 leverage position.
Liquidation 82.6K ✨.
Note
Bitcoin (as always) exceeded the expected overshoot.
But a nice bounce here and a dump in Bitcoin Dominance is signalling altcoin pump action.
Nasdaq and other stock indexes have been holding well.
This is supportive of a major crypto pivot in this area.
So much doom and gloom but things are looking up.
A great time for dip buyers.
Enjoy ✨
Note
Up we go 😼!
Have a great Christmas 🎄☃️
We're into the Trump presidency bull phase🥳.
I have great trades and monitor many assets❕
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I have great trades and monitor many assets❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
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