Bitcoin makes a bearish reversal again
Uppdaterad
Bitcoin had been forming a nice rising wedge since June 29th, and overnight BTC dumped out its bearish reversal pattern. BTC was not strong enough to hold at the 382 fib, and will most likely test the 50 fib as support next. If it fails to find support at the 50, it will most likely complete it's measured fall from the rising wedge at around 6.2k, which is also near the 618 fib. We are also having a super short lived golden cross with the 20ma and the 50ma both ascending over the 200ma on the 4hr charts (A). We are about to see the two death cross back under the 200ma, putting BTC back into official bear territory (B). Although one, or both, has probably already happened as crosses are lagging indicators on the charts. Buyers are still not convinced at these levels yet, and the bots that are running this show are just following the textbook technicals.
Kommentera
What I would REALLY like to see is BTC test the 618 fib. If it finds this area as support, and fails to break further down, we might be witnessing a bullish inverse head and shoulders pattern:
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