BTC retrace then long.
Shown are the large movements (arrows) with color coded corresponding Fib levels. The yellow shaded boxes show the declines from peaks showing a time frame and % drop. The green circles on bottom RSI correspond to above valleys on price chart above.
Looks like RSI currently at a low enough levels that reversal should come fairly soon. Likely will fall to around the question mark noted and bounce off of the support at the fib levels noted (either red or green fib levels near the question mark). Liquidity level at 51.5k that could easily get knocked out. There are more liquidity levels below but i'm hoping we don't get a decline that large! Decline to the aforementioned fib levels near the question mark correspond to about a 25% drop which is in line with previous drops that are around 25-30% (with range of 18-50%).
Always fun times with BTC!
Looks like RSI currently at a low enough levels that reversal should come fairly soon. Likely will fall to around the question mark noted and bounce off of the support at the fib levels noted (either red or green fib levels near the question mark). Liquidity level at 51.5k that could easily get knocked out. There are more liquidity levels below but i'm hoping we don't get a decline that large! Decline to the aforementioned fib levels near the question mark correspond to about a 25% drop which is in line with previous drops that are around 25-30% (with range of 18-50%).
Always fun times with BTC!
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