In a previous idea, BTCUSD-Where-will-a-retrace-happen/, a 1.0 Fib Extension was indicating that a reversal could occur near 6250. While the price action briefly looked like the sharp beginning of a bounce, the rise was quickly overwhelmed by bearish pressure, and I think a little bit more time will completely invalidate this swing idea.
So, what's next? Since BTC's monthly MACD is now bearish, I zoomed out from the daily chart to the weekly chart to look for a stronger area for reversal, still using the 1.0 Fib Extension of the previous retracement.
What does this mean?
So, what's next? Since BTC's monthly MACD is now bearish, I zoomed out from the daily chart to the weekly chart to look for a stronger area for reversal, still using the 1.0 Fib Extension of the previous retracement.
What does this mean?
- Look for typical bounce areas between the current price and 4750 to be choppy due to strong bearish pressure suppressing bounces.
- Look for a bounce and a multi-day swing at the 4750 area.
- There is still room to get short.
