BTC.USD headed to lower lows? Bitcoin Bulls progressively weaker

Most relevant Fib series for Bitcoin in this time frame.
The Impulse from $7870 set another cascade in motion.
Thus far Bears have dominated the line by line rejections.

Bulls have 3 lines left before severe collapse.
It will take at least 2 CLEAR Pings to reverse this.
Bulls need to paint two Pings that bears can HEAR.

Sentiment wise the US market leads but is undecided.
Gold, stocks, and bonds are in FUD mode themselves.
Risk-off mood needs to change or we see lower lows.

And of those lower lows, I am eyeing $ 5,882 and 82 cents. see this Idea:

Commentaire:

Ping .... Kinda ...

Needs to be CLEANER :(

Commentaire:

Not good, just sitting on the 5.236 which was already pierced

Zooming IN and adding Red Fib of last leg down

We have a perfect confluence at $ 7132.61, trying to hold.
But likely to drop to next support, now "reinforced" but red 5.618 in close proximity.

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Commentaire:

Nice PING

Could this be the ONE?

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Commentaire:

Yup, a rather Clean Ping

And I did almooooost HEAR it :)

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Commentaire:

Bounce looks good, but MUST hold 7132.xx

critical that it not be pierced, or best not even tested.
But if tested, it would be Bull's chance to log the SECOND clean Ping to confirm first one was not just an illusion.

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Commentaire:

nice bounce! 7219/25 next serious barrier

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Commentaire:

Next Barrier $ 7271-7281

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Commentaire:

Not bad for an initial push, need to hold 7178-86

7280 would be a nice target for first wave

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Commentaire:

well, that turned out to be the Mother of All Pings

Bulls be like "Can you hear me NOW" ?

lol

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Commentaire:

That might have been the SECOND Ping I was talking about

not super clean, but after an explosion like that there will be some slop until things re-synchronize.
So it would not surprise me to see it come down one more fib before the real ping.

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Commentaire:

Getting back in Sync

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