Hello fellow traders,
This last weekly candle is a clear bearish engulfing candle. In context with everything else; MA 200 rejection, 7 and 200 MA cross and the bear pennant formation things do not look particularity bright for bitcoin at the moment.
Historically Bitcoin likes to fall and retrace to 61.8%. Off this current drop we have not made it to the 50% fib which suggests to me that we are not done going down. If we place the 61.8% fib on the 200 MA and look at the measured move for this bear pennant (flag pole and pennant break) we are looking at a price around 900-700.
This last weekly candle is a clear bearish engulfing candle. In context with everything else; MA 200 rejection, 7 and 200 MA cross and the bear pennant formation things do not look particularity bright for bitcoin at the moment.
Historically Bitcoin likes to fall and retrace to 61.8%. Off this current drop we have not made it to the 50% fib which suggests to me that we are not done going down. If we place the 61.8% fib on the 200 MA and look at the measured move for this bear pennant (flag pole and pennant break) we are looking at a price around 900-700.