Bitcoin showing weakness, Expect further retracement
If we have a look at the bigger resistance line we can see we had 4 rejections so far with big wicks which is indicating weakness of the price. I have a couple of reasons why I think we should retrace or head lower.
- Heavy resistance above us (7400-7500, if we where to break that 7800 will be big)
- We had a pump which needs a retracement
- Overall trend is bearish
I expect Bitcoin to have further downwards movements from here.
Next target is the 61.80% Fib level.
I will turn bullish if we breakout of 7800 backed up with volume.
YouTube channel : youtube.com/channel/UCVMqU2QS3TCuhIDAl5wCruw
Wish you all a great weekend ahead!
- Heavy resistance above us (7400-7500, if we where to break that 7800 will be big)
- We had a pump which needs a retracement
- Overall trend is bearish
I expect Bitcoin to have further downwards movements from here.
Next target is the 61.80% Fib level.
I will turn bullish if we breakout of 7800 backed up with volume.
YouTube channel : youtube.com/channel/UCVMqU2QS3TCuhIDAl5wCruw
Wish you all a great weekend ahead!
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