BTC Flirts with near the 0.5 Fib level
BTC approaches a critical support zone near the 0.5 fib level which must hold, otherwise we can fall between 8.5k and 10k regins.
Historically, BTC has not closed below the 55 EMA on the daily chart since July and September, and only by a small amount which got rejected within a day. But now, we clearly shatter through the 55 EMA and within 36 hours, unless there is a massive spike to above the 55 EMA above $13.5K zones, we will successfully close below the 55 EMA.
Other supporting theories of a bearish scenario is a typical 1:1 extension ABC zig zag elliot wave can be formed. Currently we stand at a 61.8 extension only, which doesn't seem likely. An ascending triangle is first to be tested.
There is the possibility of a major bounce due to a descending triangle forming and we make way to over $13,200. Though I do not see this as a likely case as the majority of signs point to a bearish view.
Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders
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