Bitcoin was very quick to invalidate our double bottom that we talked about yesterday and had a sharp flush to the downside likely liquiating tons of players along the way, we are currently sitting a fair ways above the 0.7 FIB level, we are catching some support at 39K. What we don't want to see coming from the bollinger bands is a stronger push to the downside resulting in price action being fully ontop of the bottom band, as you guys know this can trigger a fast sharp move to the downside even further. The squeeze momentum indicator was coming back to the midline but due to price action we have started another bearish squeeze it seems like, our red bars have started increasing once again which isn't a great sign, what we are looking for here over a bigger timeframe is that push back to the midline where we then have the opportunity to get into a bullish squeeze. Now the reverse momentum indicator was moving very bullish coming flying out of the bottom buy zone, we have since crossed bearish and are coming back down fast. What i want to see here is a potential bounce off of support we have just below us, being in the buy zone on its own calls for a reversal and now that we have support here we can expect that bounce even more. Not financial advice just my opinion!
