6.7k as last line of defence for Bitcoin bulls
As mentioned in previous post, 7.3k to 6.7k was the liquidity pool which meant that break of 7.2k would send us immediately to 6.8-6.6k.
This last line of defence for the short term would be 6.7k for the following reasons.
- 0.38/0.61 fib ret. levels
- sell off cooled down/retrace time(upwards)
- liquidity used up for shorters (at 6.7k that is)/trend pauses & reverses
- RSI over extended/elastic effect should occur soon.
Note: The recent 7.1k was reached to create more liquidity to drop to 6.7k. Historically passing 0.5 fib on HTF means the next fib level will be surely tested.
Note: No specified targets until 6.7k is breached.
SL is a necessity
AresTrade
This last line of defence for the short term would be 6.7k for the following reasons.
- 0.38/0.61 fib ret. levels
- sell off cooled down/retrace time(upwards)
- liquidity used up for shorters (at 6.7k that is)/trend pauses & reverses
- RSI over extended/elastic effect should occur soon.
Note: The recent 7.1k was reached to create more liquidity to drop to 6.7k. Historically passing 0.5 fib on HTF means the next fib level will be surely tested.
Note: No specified targets until 6.7k is breached.
SL is a necessity
AresTrade
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