Long

BTC Retrace Possibly Complete H4

From BTC low to swing high (88,700 to 99,800) we have had a perfect breakdown through the fibs all the way down to a perfect body close on the .786. The price action dipped below the 100 sma for a short period and quickly recovered this level. Price is currently trading above the .5 fib retracement level. RSI is 49 at time of publishing and trending upward after an MA cross. Price is targeting the .382 and 50 sma next as levels to watch as btc recovers further. This is just my opinion, there is also clearly a scenario with more downside. This idea is strictly my opinion.

Not financial advice.

Do your own DD.

Thanks for viewing the idea.

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here is the wick off the h4 50 sma and the area around the .382

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another h4 perspective of a potential broadening descending wedge. This is a possible bullish scenario of the wedge breaks bullish

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here is also a scenario where we have a "v" shape recovery which occurs after a correction like the one we just had. I outlined the likely path for the PA. The 1.618 extension would give it a good trend touch in the next few days.

BallsOfSteel32

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