This is a brief update that we need to watch tonight! BTC is below the 21-Day weekly average, and it looks like momentum is moving in the downward direction at this time. This is important! If we close below that line tonight, this could be a sign that the previous massive pump was temporary, and not a sign that we are not through the bearish trend. This increases the odds that we will continue the slide.
If we close out below this average and fail to recover back above $9,000 the probability for a drop is a lot stronger. With momentum going downward at the moment, it could be that BTC is headed back down to the Green 4.618 line. Being that we have seen a lot of gravitational power with this particular fib circle ring, combined with the fact that we are in a downward movement with decreasing volume, the likelihood for a recovery to closing above the 21-Day weekly average is going to be diminished greatly.
I still have not completely bought in to the idea that we are on the brink of another major upward move just yet. Let's keep our eye on the price, and see where we close tonight!
Not financial advice. Entertainment purposes only.
Carlton Flowers
The Crypto Pro
If we close out below this average and fail to recover back above $9,000 the probability for a drop is a lot stronger. With momentum going downward at the moment, it could be that BTC is headed back down to the Green 4.618 line. Being that we have seen a lot of gravitational power with this particular fib circle ring, combined with the fact that we are in a downward movement with decreasing volume, the likelihood for a recovery to closing above the 21-Day weekly average is going to be diminished greatly.
I still have not completely bought in to the idea that we are on the brink of another major upward move just yet. Let's keep our eye on the price, and see where we close tonight!
Not financial advice. Entertainment purposes only.
Carlton Flowers
The Crypto Pro