My fellow traders,
looking at the monthly chart I see two things that lead me to think that we might be facing another period of downtrend in the upcoming months before the halving.
1. Not restricted to the monthly view of course, we have reached the .618 of the Fibonacci retracement from the big bull run of February to June 2019.
2. We hit the bottom of the Ichimoku cloud
These two events coincide making for a strong resistance level. Unless this level is broken strongly and convincingly we can expect a reversal of the current uptrend this month of February or in early March.
Also to consider is volumes being consistently lower and lower.
If a new downtrend manifests itself we might find support either at the 6300 level or a bit lower closer to the 50 month Moving Average.
Keep you eyes pealed.
Stay tuned
looking at the monthly chart I see two things that lead me to think that we might be facing another period of downtrend in the upcoming months before the halving.
1. Not restricted to the monthly view of course, we have reached the .618 of the Fibonacci retracement from the big bull run of February to June 2019.
2. We hit the bottom of the Ichimoku cloud
These two events coincide making for a strong resistance level. Unless this level is broken strongly and convincingly we can expect a reversal of the current uptrend this month of February or in early March.
Also to consider is volumes being consistently lower and lower.
If a new downtrend manifests itself we might find support either at the 6300 level or a bit lower closer to the 50 month Moving Average.
Keep you eyes pealed.
Stay tuned