50k Reached , what is next
Gaining 50k and flipping it as support btc is now moving towards the 0.618 from previous high to previous low . The 0.618 is at ~51k .
Btc has been on an upward trend for the past 4 weeks. The 618 is the golden ratio, look for large investors and retail traders to take profits. Also we must remember this is during a weekend and weekday investors will want to see a lower price for btc before moving above the 618. We are also completing the 5th leg of an impulse wave which indicates price could now move lower.
Finding resistance at the .618 could mean a retest of 0.5 at 46.8k and potentially a lower high and a lower low finding support at the swing low to swing high fib value 0.236 at 46k
Shorting the 618 on a btc finding resistance
Btc has been on an upward trend for the past 4 weeks. The 618 is the golden ratio, look for large investors and retail traders to take profits. Also we must remember this is during a weekend and weekday investors will want to see a lower price for btc before moving above the 618. We are also completing the 5th leg of an impulse wave which indicates price could now move lower.
Finding resistance at the .618 could mean a retest of 0.5 at 46.8k and potentially a lower high and a lower low finding support at the swing low to swing high fib value 0.236 at 46k
Shorting the 618 on a btc finding resistance
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