As mentioned in a idea published back on September 3rd where I highlighted (Figure 2) BTC's price action being supported by the .382 fib level drawn from the weekly top of Dec.2017 to the low of last year. That .382 level of around 9430 was touched 4 times during the months of July to August before breaking down on September 24.
Now in Figure 1, we can see the current trading range in the past month being supported by the 7800 level. And this level has been touched 4 different times as well. If we use what happened in Figure 2 to the current price action, we can expect in 25 days for BTC to breakdown again through this support. A strong indicator for this to happen is the looming death cross approaching.
Let me know what you think.
Now in Figure 1, we can see the current trading range in the past month being supported by the 7800 level. And this level has been touched 4 different times as well. If we use what happened in Figure 2 to the current price action, we can expect in 25 days for BTC to breakdown again through this support. A strong indicator for this to happen is the looming death cross approaching.
Let me know what you think.