BTC Rejects the 1.61 and Flirts with 1.27 Break.

3 days ago

In a previous post I flagged up the 1.61 inflection point in BTC.

After barcoding in this zone for a while we now have the early signs of rejection of the 1.61.

In this type of setup the 1.27 becomes pivotal. Either we hold this area (with a small spike under) as support and then we rally to the 2.20 fib or the failure of this level is the failure of the uptrend.

Looking mighty sketchy for a break now.

50K would be the capitulation target on a break.

3 days ago

Note

Another way to look at the same idea. In basic trend development, typically a failure of a bullish butterfly at this stage opens up the way to capitulation.

Has worked in most historic crashes.

A little lower and this triggers.


One could argue it has already triggered and we're inside the final retracement.