Hey guys Just reminding y'all here that Bitcoin is still showing weakness on higher timeframes
Short term i dont think we'll be able to break this descending channel
Price went up too fast with very little consoldiation
In addition to that weekly candles have shown multiple upward wicks which is usually a bearish
sign.
Typical correction of wave (ii) normally retraces to prior wave (iii) around 8k -7.5k
This is an important zone since we have the mathematical fibonnaci sequence here 0.5 and 0.618 specifically
this is the area were we will start looking for signs of reversal
altho there is a chance for the correction to extend to the 5k level (0.786 level)
So stops will be necessay
Short term i dont think we'll be able to break this descending channel
Price went up too fast with very little consoldiation
In addition to that weekly candles have shown multiple upward wicks which is usually a bearish
sign.
Typical correction of wave (ii) normally retraces to prior wave (iii) around 8k -7.5k
This is an important zone since we have the mathematical fibonnaci sequence here 0.5 and 0.618 specifically
this is the area were we will start looking for signs of reversal
altho there is a chance for the correction to extend to the 5k level (0.786 level)
So stops will be necessay