$BTC Bitcoin - Bearish Shark return

8 Feb 2022

Of course its a little too early to call out a full 88% retracement off our lows but we are testing, and currently holding above critical levels historically. If we do hold this level, we could have opened the door to 58 or 66k eventually, but im looking at that 52k level first. It would be confluent with the 50% return of the Bullish Shark chart i had posted about on the way down. Taking it step by step here. Its important to remember we could very well retest some of these lower levels before seeing a continuation. The idea of this deep retracement is also confluent with the parallel channel idea ive seen some floating around, but if we are indeed moving in a channel here, i think seeing a at the least a 1.13, but more likely 1.272 or a 1.618 from our lows, giving us a new all time high with an ABC extension. Given the strength of this correction down to these news, i would give a lot of merit to this idea.

8 Feb 2022

Nota

Id love to see the ADX start coming up and the money flow cross over on the bottom there. Worth noting, we have reached +60 on the RSI giving the bulls the reigns once again.