BTC Correction
Here is what I think is going to happen.
The FIB Channel broke on 16th May and candles are forming below 21 as well as 200 EMA, which is a clear sign on bearish momentum on BTC.
The EW wave suggests that price will further drop if the retracement goes down to 0.618 levels, this would be the best buying zone for LONG trades.
Huge Exchange Inflows & NVT above 54 are also signs of bearish trend as well as BTC Dominance at 41% the lowest level since May 2018.
So in short things are not looking great for BTC for now.
DYOR!!
The FIB Channel broke on 16th May and candles are forming below 21 as well as 200 EMA, which is a clear sign on bearish momentum on BTC.
The EW wave suggests that price will further drop if the retracement goes down to 0.618 levels, this would be the best buying zone for LONG trades.
Huge Exchange Inflows & NVT above 54 are also signs of bearish trend as well as BTC Dominance at 41% the lowest level since May 2018.
So in short things are not looking great for BTC for now.
DYOR!!
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