BTC: is a break of 10500USD necesarry for next run?
Just playing around with some Fibonacci-levels on a weekly timeframe here...
- Prior price action shows that BTC has retraced to the .886 Fib before resuming upward again. It has done that this time again.
- Prior price action shows that every big run/big move happens when the .5 Fib was flipped from resistance to support. This has not (yet) happened.
If BTC wants to flip the .5 FIb on the weekly, is needs to flip the resistance to support at (roughly) 10500USD.
Will that happen or will we see one more rejection of this .5 FIb which as acted as a strong resistance thus far?
Basically price is at resistance (a cluster of resistance) at this moment. If this resistance 'does it's job', we won't see the next run up just yet.
- Prior price action shows that BTC has retraced to the .886 Fib before resuming upward again. It has done that this time again.
- Prior price action shows that every big run/big move happens when the .5 Fib was flipped from resistance to support. This has not (yet) happened.
If BTC wants to flip the .5 FIb on the weekly, is needs to flip the resistance to support at (roughly) 10500USD.
Will that happen or will we see one more rejection of this .5 FIb which as acted as a strong resistance thus far?
Basically price is at resistance (a cluster of resistance) at this moment. If this resistance 'does it's job', we won't see the next run up just yet.
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