Quick update:
Bitcoin appears to be stalling at the 38.2% Fib retracement (as i theorized in my prior analysis), it would not surprise me to see some further selling pressure from this most recent move up, interestingly this resistance also coincides with the 200 day moving average.
Likely retesting the $8,000- $8,200 range, which coincides with the daily 21 ema, a pullback to this level would not invalidate the prior move higher, however the bulls would like to see support show up at or around this level, in order to keep the potential reversal underway.
Bitcoin appears to be stalling at the 38.2% Fib retracement (as i theorized in my prior analysis), it would not surprise me to see some further selling pressure from this most recent move up, interestingly this resistance also coincides with the 200 day moving average.
Likely retesting the $8,000- $8,200 range, which coincides with the daily 21 ema, a pullback to this level would not invalidate the prior move higher, however the bulls would like to see support show up at or around this level, in order to keep the potential reversal underway.
