BTC Bounce on Big Red 4.618 Fib - It's Short Recover Then Dive?
Quick update, I wanted to point out how the Bitcoin candles took a strong bounce off of the Big Red 4.618 fib circle boundary that we have enjoyed for many previous magical moments. A couple of days ago, BTC took a straight nose dive when it hit the 4.236 line above, so it doesn't surprise me to see a bounce and brief recovery here on the 4.618.
Here's what I'm looking out for, regarding immediate future action...
If that stochastic recovers without a strong equal recovery in price, it's going to take another dive off of the line once it comes back down to the border. That's key. Right now we are in the 30% range, clearly above the oversold condition. When I see the stochastic breaking above the 80% line into overbought territory, but WITHOUT the price making a strong move, it's indicative of a continued downward movement with the possibility of another nose dive.
Let's keep a close watch on the stochastic and price line, and this and see how it plays out!
Not financial advice.
Carlton Flowers
The CryptoPro
Here's what I'm looking out for, regarding immediate future action...
If that stochastic recovers without a strong equal recovery in price, it's going to take another dive off of the line once it comes back down to the border. That's key. Right now we are in the 30% range, clearly above the oversold condition. When I see the stochastic breaking above the 80% line into overbought territory, but WITHOUT the price making a strong move, it's indicative of a continued downward movement with the possibility of another nose dive.
Let's keep a close watch on the stochastic and price line, and this and see how it plays out!
Not financial advice.
Carlton Flowers
The CryptoPro