BTC short term reversal - Bear move not finished

8 août 2018

The past days BTC -3.46% continued downwards with force despite continued oversold levels on higher time frames and several fibonacci support levels.

At this point the daily has reached a 9 count on the TD -1.01% , RSI is nearing 30 and the daily candle looks to be forming a close above the .786 fibo.

Awaiting the close of this daily candle, a short term bounce up towards .618 could be expected before continueing to test lower trendline supports in this weeks rapid bear move.

9 août 2018

Note

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We have bounced up from the diagonal trendline in the last hour. As seen above the price action and RSI is following a pattern similar to a move made before in this downtrend. For now playing the bounce is still a risky trade and the coming hours will tell if it was a genuine bounce or another local high to drop down from.