BTCUSD - Entering the Buy Zone - This is an idea, a speculation on possibility. Not a projection.
Bitcoin could very well correct down further, we will need to see additional evidence for a buy.
Currently the case for a buy is 50% fib. Bitcoin has corrected 40% multiple times. It has bounced heavily off the 50 ema before.
The downside looks to be a head and shoulders and no reversal evidence has been proposed for a buy yet.
Volume is still heavily bearish, major pattern still playing out.
We are in a down trend/correction until further evidence.
Bitcoin could very well correct down further, we will need to see additional evidence for a buy.
Currently the case for a buy is 50% fib. Bitcoin has corrected 40% multiple times. It has bounced heavily off the 50 ema before.
The downside looks to be a head and shoulders and no reversal evidence has been proposed for a buy yet.
Volume is still heavily bearish, major pattern still playing out.
We are in a down trend/correction until further evidence.