BTCUSD - Long-Term Correction Speculation
Having posted a bullish correction chart for this pair previously, here's a more bearish one for the sake of balance.
Previous corrections have taken price to the Kumo Cloud on the 1D time frame, where it has consistently found support.
Using the idea of the Kumo Cloud as support, and by using Fibonacci retracement levels from the two previous corrections to the recent ATH, there's strong confluence at the $4800 zone.
Note: the 50% Fibonacci retracement level overlaps with the Kijun Sen as well, making it a possible support zone (as long as the Kijun Sen doesn't stray too far, which it may).
Previous corrections have taken price to the Kumo Cloud on the 1D time frame, where it has consistently found support.
Using the idea of the Kumo Cloud as support, and by using Fibonacci retracement levels from the two previous corrections to the recent ATH, there's strong confluence at the $4800 zone.
Note: the 50% Fibonacci retracement level overlaps with the Kijun Sen as well, making it a possible support zone (as long as the Kijun Sen doesn't stray too far, which it may).
Komen:
1D Kijun bounce!