BTC on a short term bearish pattern. Could it turn to a long term?
I think we will have answer after this consolidation around 35k.
Everything right now under 40k is an excellent buy, according to the fib levels.
I used the Fib Retrace tool and made sure to select on a log scale (since im using log scale). .382 is the level to look under for buys. and .618 is good for selling (during volitility and swings). BTC is consolidating under the .382!!!! Right now, buying under the .236 (35K) will maximize return, BUT...
BTC has been on a mad consolidation since the drop on May 19. That drop, forming the pole for the Pennant, gives us some target date around June 10th for a bust either down or up. I'm bearish right now. My thoughts are it goes down.
This is an excellent time to study the crypto market. As of now almost eveything crypto is correlated to BTC. Learning and using different patterns, indicators, and analysis helps to minimize risk. Always more to learn!
Let me know what you think.
I think we will have answer after this consolidation around 35k.
Everything right now under 40k is an excellent buy, according to the fib levels.
I used the Fib Retrace tool and made sure to select on a log scale (since im using log scale). .382 is the level to look under for buys. and .618 is good for selling (during volitility and swings). BTC is consolidating under the .382!!!! Right now, buying under the .236 (35K) will maximize return, BUT...
BTC has been on a mad consolidation since the drop on May 19. That drop, forming the pole for the Pennant, gives us some target date around June 10th for a bust either down or up. I'm bearish right now. My thoughts are it goes down.
This is an excellent time to study the crypto market. As of now almost eveything crypto is correlated to BTC. Learning and using different patterns, indicators, and analysis helps to minimize risk. Always more to learn!
Let me know what you think.
