Just a possible idea:
Upon a retest to the .382 and .5 fib levels in the 9.2k area we should see a bounce. What is interesting is the rather large potential inverse head and shoulders that could be playing out. This is very speculative at this point and there is a lot of resistance to get through past 11.7k and up but we could get a bounce off the 8.9k-9.4k range .
It just so happens that all of these price ranges play out perfectly to strong support/resistance levels. The right shoulder should occur in the green box that has been a large support/resistance level. The neckline will be the large support/resistance level in the 11.7k area and then the target of the inverse head and shoulders measured move would be exactly into the large support in the 16.8k range.
Very interesting and time will tell. BTC would need the right shoulder to bounce and then massive volume on the buy side to break through the 11.7k-12.2k resistance and neckline.
Upon a retest to the .382 and .5 fib levels in the 9.2k area we should see a bounce. What is interesting is the rather large potential inverse head and shoulders that could be playing out. This is very speculative at this point and there is a lot of resistance to get through past 11.7k and up but we could get a bounce off the 8.9k-9.4k range .
It just so happens that all of these price ranges play out perfectly to strong support/resistance levels. The right shoulder should occur in the green box that has been a large support/resistance level. The neckline will be the large support/resistance level in the 11.7k area and then the target of the inverse head and shoulders measured move would be exactly into the large support in the 16.8k range.
Very interesting and time will tell. BTC would need the right shoulder to bounce and then massive volume on the buy side to break through the 11.7k-12.2k resistance and neckline.