After the bias to my last BTC idea still partly withstanding, I’ve come across another indication. Considering the fact that we failed to break the red resistance line at $7000 over the weekend, i believe that a small pump to $8000 could be on the cards.
Not only is $8000 a significant number for BTC to consolidate at, but it also lines up with the 0.382 fib level. This is when drawing from where the correction to the most substantial move toward the downside began to play out at around $9500. The move toward $8000 would line up with perfect correction for further downside. The blue bars show how a previous move not too long ago played out for BTC and to expect something similar would not be too mad a thought. This would also combine perfectly with my previous idea that we would bounce from the trend line and the $6500-$6250 level just at a later date.
Not only is $8000 a significant number for BTC to consolidate at, but it also lines up with the 0.382 fib level. This is when drawing from where the correction to the most substantial move toward the downside began to play out at around $9500. The move toward $8000 would line up with perfect correction for further downside. The blue bars show how a previous move not too long ago played out for BTC and to expect something similar would not be too mad a thought. This would also combine perfectly with my previous idea that we would bounce from the trend line and the $6500-$6250 level just at a later date.