Please refer to our previous post:
From this post we were watching for scenario 1 or scenario 2 to play out. Scenario 1 ended up playing out and price continued to drop right to our yellow line. We noted the measured move low would be slightly below $112k and our low was established at $111,903 which was an almost perfect prediction!
This comes as no surprise if you refer to our post we made over 3 weeks ago.
In this post we labeled support #2 as $112k. This is looking to turn our last highs into new support.
However if we do end up losing this level $107-$108k is really the last line in the sand to keep this bull market intact before we must start considering the bull market top is in. No confirmations on this yet, but if you have been viewing our macro charts there are a few signs developing pointing towards this as a possible scenario if confirmations happen.
From this post we were watching for scenario 1 or scenario 2 to play out. Scenario 1 ended up playing out and price continued to drop right to our yellow line. We noted the measured move low would be slightly below $112k and our low was established at $111,903 which was an almost perfect prediction!
This comes as no surprise if you refer to our post we made over 3 weeks ago.
In this post we labeled support #2 as $112k. This is looking to turn our last highs into new support.
However if we do end up losing this level $107-$108k is really the last line in the sand to keep this bull market intact before we must start considering the bull market top is in. No confirmations on this yet, but if you have been viewing our macro charts there are a few signs developing pointing towards this as a possible scenario if confirmations happen.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.