BTCUSD retraced back to the FIB 0.618 level for the 3th time in its recent long term pattern.
If bitcoin breaks below 5.8K, I see BTC going to 5.1K to complete the pattern we are in before going side ways for some time:
If bitcoin breaks below 5.8K, I see BTC going to 5.1K to complete the pattern we are in before going side ways for some time:
Note
I suspect a small re bounce until around 6800 - 7000 levels before we continue the downwards trend.Note
The pitchfork shows perfectly how the trend follows the upper line. I suspect a downwards trending line until the median which matches perfectly with our earlier levels of around 5100
Note
Bearish flag in the air. Based on setup, this can become a major breakdown.
Note
Forgot to mention the volume profile which does not support a trend reversal and strengthen our bearish outlook.
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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.