Hi Traders,
An update to our last BTC post. Price has pushed lower again. Even though we have seen a lot of selling, there has been more buy side volume at each support level. If price break the 0.382 Fib, price will push higher between $50453-51000, this where we expect a small pullback to test past resistance and form new support. If this is the case it'll add to the case that price will go higher again. On the other hand, If price fails to break the 0.382 we will expect price to either form a double bottom or fall even lower within the bottom grey zone and move towards the 0.618 Fib level.
To note: We have seen some crazy selling across the whole board which means money is going out of crypto. We have seen buying back of crypto as it traces lower but we will need to see increasing buy volume to confirm the move back up.
Thanks
The Market Sniper Team
An update to our last BTC post. Price has pushed lower again. Even though we have seen a lot of selling, there has been more buy side volume at each support level. If price break the 0.382 Fib, price will push higher between $50453-51000, this where we expect a small pullback to test past resistance and form new support. If this is the case it'll add to the case that price will go higher again. On the other hand, If price fails to break the 0.382 we will expect price to either form a double bottom or fall even lower within the bottom grey zone and move towards the 0.618 Fib level.
To note: We have seen some crazy selling across the whole board which means money is going out of crypto. We have seen buying back of crypto as it traces lower but we will need to see increasing buy volume to confirm the move back up.
Thanks
The Market Sniper Team
