I just wanted to share a possibility that BTC may still be in a parallel channel.
This would mean that where the price is now may be close to a local top for now. But this may also mean that a break from the channel would have targets around 7500 and 8000. These lining up closely with a .618 fib.
But do I think that Bitcoin can reverse from here back into a bullish trend? Probably not. I say this because this would be extremely unhealthy as usually after a massive move down there needs to a longer period of accumulation to show signs of strength.
A quick bounce like this is most likely just that, a bounce, before more downwards pressure.
I always like to keep in mind that the trend is your friend until the end of the trend... The trend right now is obvious, it's down.
What I will be waiting for is the weekly to close, to see if there it closes above or below the 200MA and 200EMA.
This would mean that where the price is now may be close to a local top for now. But this may also mean that a break from the channel would have targets around 7500 and 8000. These lining up closely with a .618 fib.
But do I think that Bitcoin can reverse from here back into a bullish trend? Probably not. I say this because this would be extremely unhealthy as usually after a massive move down there needs to a longer period of accumulation to show signs of strength.
A quick bounce like this is most likely just that, a bounce, before more downwards pressure.
I always like to keep in mind that the trend is your friend until the end of the trend... The trend right now is obvious, it's down.
What I will be waiting for is the weekly to close, to see if there it closes above or below the 200MA and 200EMA.
