The Bitcoin downtrend is almost over
The Bitcoin downtrend is almost over imo.
I'm not yet convinced about testing the 0.5 Fibonacci once; it lacks volume. I'd like to see a double bottom, while a quick spike to the 0.618 Fibonacci would be fantastic. I've got my eyes set on the 20k-25k range. Afterwards, its time for the bulls to roar 🚀
I'm not yet convinced about testing the 0.5 Fibonacci once; it lacks volume. I'd like to see a double bottom, while a quick spike to the 0.618 Fibonacci would be fantastic. I've got my eyes set on the 20k-25k range. Afterwards, its time for the bulls to roar 🚀
Note
On the 15th of June, the FED announced a 0.75 percentage point interest rate hike and Bitcoin responded by setting a (preliminary) double bottom at the 0.618 Fibonacci retracement. Last weekend it sunk below the 0.618, but that may be a fake-out. This usually happens on the weekends when there's no institutional money on the market.
The bottom is in my opinion. Now it's time for the bulls to roar! My target is $126.000,-. It's the 1.382 Fibonacci extension level.
Nailed it. 📌
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.