Bitcoin Overview – Bearish Reaction at Key Resistance!
If you look at the run up we had from 3.5K to 14K it was very quick did not form much sideways support.
Then we see the very large descending triangle form. Bearish confimation broke the 200 day then dead cat bounce back up to 9600-10K to offload distribution pattern.
Now we are back below the 200 Day MA and looking to test lower in my opinion there is the golden retrace log fib at 5800ish. The full measured move of the descending triangle I have is near the 0.786 at 4600ish.
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Not financial advice just my take on the market at this point of time. Just for education.
Published at Sun, 10 Nov 2019 00:58:12 +0000
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