BTC - Monthly Chart (RIP)
Lower Support:
1. 61.8% Fibonacci (Historical retracement)
2. Previous ascending support channel ($7.6-6.3K)
3. Strong support at $5K
Missed Support:
1. $12.5k (32% Fibbo, structural)
2. $10k (50% Fibbo, psychological, structural)
3. $9.2k (The single candle wick and saving grace)
Bitcoin is respecting the lower trend line of the descending channel it is caught in. It's current trend line is about to intersect with the previous lower trends high and the 61.8% Fib line where there will be a lot of programmed buy orders which will inject buying volume for a potential bounce.
Lower support than this starts to get a little scary, after we broke $9,200K USD I exited my positions. I'd rather try and buy the dip and loose some margin waiting on a confirmation of change in trend and a respectable bounce indicating that Bitcoin and thus the market has made a reversal.
Etherium is looking much healthier but it USD price is still descending which will likely follow the entire marketing meaning that you could accumulate more sats sitting in USD or USDT than ETH.
Lower Support:
1. 61.8% Fibonacci (Historical retracement)
2. Previous ascending support channel ($7.6-6.3K)
3. Strong support at $5K
Missed Support:
1. $12.5k (32% Fibbo, structural)
2. $10k (50% Fibbo, psychological, structural)
3. $9.2k (The single candle wick and saving grace)
Bitcoin is respecting the lower trend line of the descending channel it is caught in. It's current trend line is about to intersect with the previous lower trends high and the 61.8% Fib line where there will be a lot of programmed buy orders which will inject buying volume for a potential bounce.
Lower support than this starts to get a little scary, after we broke $9,200K USD I exited my positions. I'd rather try and buy the dip and loose some margin waiting on a confirmation of change in trend and a respectable bounce indicating that Bitcoin and thus the market has made a reversal.
Etherium is looking much healthier but it USD price is still descending which will likely follow the entire marketing meaning that you could accumulate more sats sitting in USD or USDT than ETH.