4-hour recovery mode leading to failure at the 200
We are now fighting at a level so crucial as to determine the future of bitcoin for months to come. Either we hold the orange line which represents a massive head-and-shoulders pattern on the weekly time frame or we cannonball all the way down to 30k.
Because this is such a crucial level, I believe we will fight to maintain it for just a bit longer.
This is the path I see as a likely path for bitcoin over the next couple days.
I think we'll go up to the next daily resistance zone, touch back on the 4-hour 21 ema and bounce further to the 200 ema, which also represents a 61.8 retracement for bitcoin's last downward impulse.
It is there I believe we will fail, begin falling exceptionally hard and the gargantuan high time-frame head-and-shoulders will finally, finally complete itself.
If you like my work and look forward to improving together, please like, subscribe and/or comment. Thank you!
Because this is such a crucial level, I believe we will fight to maintain it for just a bit longer.
This is the path I see as a likely path for bitcoin over the next couple days.
I think we'll go up to the next daily resistance zone, touch back on the 4-hour 21 ema and bounce further to the 200 ema, which also represents a 61.8 retracement for bitcoin's last downward impulse.
It is there I believe we will fail, begin falling exceptionally hard and the gargantuan high time-frame head-and-shoulders will finally, finally complete itself.
If you like my work and look forward to improving together, please like, subscribe and/or comment. Thank you!
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