BTC.USD headed to lower lows? Bitcoin Bulls progressively weaker
Updated
Most relevant Fib series for Bitcoin in this time frame.
The Impulse from $7870 set another cascade in motion.
Thus far Bears have dominated the line by line rejections.
Bulls have 3 lines left before severe collapse.
It will take at least 2 CLEAR Pings to reverse this.
Bulls need to paint two Pings that bears can HEAR.
Sentiment wise the US market leads but is undecided.
Gold, stocks, and bonds are in FUD mode themselves.
Risk-off mood needs to change or we see lower lows.
And of those lower lows, I am eyeing $ 5,882 and 82 cents. see this Idea:
The Impulse from $7870 set another cascade in motion.
Thus far Bears have dominated the line by line rejections.
Bulls have 3 lines left before severe collapse.
It will take at least 2 CLEAR Pings to reverse this.
Bulls need to paint two Pings that bears can HEAR.
Sentiment wise the US market leads but is undecided.
Gold, stocks, and bonds are in FUD mode themselves.
Risk-off mood needs to change or we see lower lows.
And of those lower lows, I am eyeing $ 5,882 and 82 cents. see this Idea:
Note
Ping .... Kinda ... Note
Not good, just sitting on the 5.236 which was already pierced Zooming IN and adding Red Fib of last leg down
But likely to drop to next support, now "reinforced" but red 5.618 in close proximity.
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Nice PING .
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Yup, a rather Clean Ping .
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Bounce looks good, but MUST hold 7132.xx But if tested, it would be Bull's chance to log the SECOND clean Ping to confirm first one was not just an illusion.
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nice bounce! 7219/25 next serious barrier .
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Next Barrier $ 7271-7281 .
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Not bad for an initial push, need to hold 7178-86 .
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well, that turned out to be the Mother of All Pings lol
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That might have been the SECOND Ping I was talking about So it would not surprise me to see it come down one more fib before the real ping.
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Getting back in Sync .
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