Bitcoin IN CME Gap after Fib circle encounter - what now ?
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As mentioned in a previous post, PA got "hit" by the same Fib circle that rejected the 2021 Cycle ATH - the difference being that PA got THROUGH the Fib circle Before turning down and so now, we slide down the outside, in a position of strength to be able to move higher when wanted. As can be seen on the Daily chart below https://www.tradingview.com/x/yYR53isJ/
Currently, PA is recovering having filled only HALF the gap. I fully expect PA to return and complete the fill at some point.
Also note the rising line of support that we are heading towards. If we carry on like this, we intersect with it on 3rd March, Next Wednesday at a price around 77400
We will have to wait and see what happens there but this is also where the 50 week SMA will be and so, as said previously, I am expecting PA to bounce strongly
But this is Bitcoin....We have to wait and see what happens and react accordingly. A Drop Lower would take us out of the Mid 20% Drops we have been having this cycle as can be seen on main chart. The Next line of rising support on this chart is around -40% and is around the 100 week SMA I am not to sure we will go there..... But.................