Well looks like the bounce is over ๐.
In retrospect this ABC top had more drift and was a weaker top than previous back from February - May which had formed out of an extremely bullish phase. And so rather than a solid 0.75 bounce in circled area we get a very weak bounce.
I've drawn a squiggly line as my best guess of what happens next - could be similar to 2018 rolling off the table. Notice the 3D50MA caught the bottom in October, now acts as resistance over a nullifying evening star candle formation.
These fib cicles have seen activity at every point pretty much, so I wouldn't be surprised if a drop happens around the next one.
Anyhow Bitcoin is done - sorry about that.
I'm going to maintain my 2 long alt positions in ADA and OMG because they are oversold on the daily and ADA in particular has a lot of bullish divergence but although they may rally, this is not the ideal situation. I just chart and trade for the love but there will be MUCH better risk / reward opportunities coming down the road for those that are patient.
See you at 20K ๐.
Not advice.
In retrospect this ABC top had more drift and was a weaker top than previous back from February - May which had formed out of an extremely bullish phase. And so rather than a solid 0.75 bounce in circled area we get a very weak bounce.
I've drawn a squiggly line as my best guess of what happens next - could be similar to 2018 rolling off the table. Notice the 3D50MA caught the bottom in October, now acts as resistance over a nullifying evening star candle formation.
These fib cicles have seen activity at every point pretty much, so I wouldn't be surprised if a drop happens around the next one.
Anyhow Bitcoin is done - sorry about that.
I'm going to maintain my 2 long alt positions in ADA and OMG because they are oversold on the daily and ADA in particular has a lot of bullish divergence but although they may rally, this is not the ideal situation. I just chart and trade for the love but there will be MUCH better risk / reward opportunities coming down the road for those that are patient.
See you at 20K ๐.
Not advice.
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Priority trades, round the clock updates and a 1 hour technical video per week ๐ผ.
Get the "heads up" at critical moments - don't lose your shirt.
$50 per month ๐๐ป.
Contact: t.me/dRends35
