tick... tock...
tick... tock...
The end is near for the current consolidation of BTC/USD.
We all know that Bitcoin is bound to go to the moon.
But before doing so, it needs to swim in the ocean first.
The figure above illustrates three (3) possible scenarios for BTC.
All of them end up flying, but BTC needs to bounce on the most probable levels.
Current Case:
BTC is trading just below the 0.318 Fib as shown.
A strong bearish daily candle happened yesterday.
Case 1:
Should it continue, it will revisit the support at 9400.
It may not stay there for long since that level has been tested a couple of times already.
A support or a resistance that has been tested for many times will weaken eventually.
Case 2:
Should the 9400 support breaks, the next support to be tested is in the 8800 level, just before 0.500 Fib.
This is a solid support that could possibly become the springboard for BTC to change its course.
Maybe from here, we will see some aggressive buyers to finally bring back BTC to its bullish state.
Case 3:
But in the event that the previous support is not enough, then we can consider a bounce between 0.500-0.618 Fib.
The extent of the support can be at level 7500, just before 0.618 Fib, the golden ratio for a retracement.
BTC would need a lot of climbing to do if this will happen.
Since the overall trend of the market is bullish, I think the dip will be at level 8800 only.
Considering a dip between 7500-8800 level is also a high probability.
But bouncing at 0.618 Fib (7500) is already a stretch due to the trend.
This is just my unbiased and unsolicited analysis.
It may happen, it may not.
Just protect your position, by all means, if you have one.
Trade wisely, not blindly.
SniperShean