Weekly candles don't lie.. just HODL for now.. BTC
Trying to keep it simple, I see a weekly Fibonacci retracement that is too perfect to be ignored, from the most recent 6000 low to the 11800 high..
Both the support line and the .786 fib level cross next week at 7200 dollars, which indicates strong support, and hopefully a turning point for BTC.
Should BTC break further down the green line, I'm personally going to short it as this would mean that the bear trend is far from over.. if however the green line holds for the next 10 days or so, well, I'm simply not selling my BTC!
Hope this helps, please let me know what you think!
Both the support line and the .786 fib level cross next week at 7200 dollars, which indicates strong support, and hopefully a turning point for BTC.
Should BTC break further down the green line, I'm personally going to short it as this would mean that the bear trend is far from over.. if however the green line holds for the next 10 days or so, well, I'm simply not selling my BTC!
Hope this helps, please let me know what you think!
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