Bitcoin will correct 5% before breaking for these four reasons!
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I have a couple of reasons to think that bitcoin will correct 5% before breaking to the upside.
1- We bounced at 0.5 of Fibonacci ratio but got rejected by the 50MA.
2- We have been attempting to break the 50MA with very low volume, market appears indecisive at this point.
3- 200 MA is currently lining up with the trend marked by the previous 2 lows.
4- If at this point we fall, we are going to have 3 converging lines being 200MA, golden ratio and trendline.
After this I expect a very strong bounce and finally enough volume to break the 50MA.
Do your own research, good luck
1- We bounced at 0.5 of Fibonacci ratio but got rejected by the 50MA.
2- We have been attempting to break the 50MA with very low volume, market appears indecisive at this point.
3- 200 MA is currently lining up with the trend marked by the previous 2 lows.
4- If at this point we fall, we are going to have 3 converging lines being 200MA, golden ratio and trendline.
After this I expect a very strong bounce and finally enough volume to break the 50MA.
Do your own research, good luck
Note
Let me know your thoughts !
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