Hello traders,
Lets look at the price of bitcoin.
Even if we are in a short term bull trend, I think we still have one leg down. I would be quite happy if it won't go lower, but that would be unusually short correction for such a huge rally. However we are never certain, so always wait for confirmation.
In the chart you can see a possible rising wedge pattern which is a bearish pattern usually breaking down. We also are at a strong resistance and 0.618 golden fib ratio which coincides with that resistance. If we break down from this level we can expect down to support 1 & 2 areas.
Volume is also low.
Lets see where it will take us.
Good luck
Lets look at the price of bitcoin.
Even if we are in a short term bull trend, I think we still have one leg down. I would be quite happy if it won't go lower, but that would be unusually short correction for such a huge rally. However we are never certain, so always wait for confirmation.
In the chart you can see a possible rising wedge pattern which is a bearish pattern usually breaking down. We also are at a strong resistance and 0.618 golden fib ratio which coincides with that resistance. If we break down from this level we can expect down to support 1 & 2 areas.
Volume is also low.
Lets see where it will take us.
Good luck