This is continuation and update on my previous analysis on Bitcoin. As noted earlier Bitcoin found support on the weekly 21 EMA and has retrace to the golden fib zone. The overhead resistance on the weekly chart is still intact with the double tops shooting stars. The daily chart is presenting itself as the lower high at the golden fib zone. Indicators are also pointing to the lower side as there is no strength on RSI and MACD. From these signals I still expect BTC to sell off to the bearish targets with the initial target at $105,724. There is also the likelihood that price consolidates at this zone for a moment before the pullback.
The trade idea and plan will be invalidated if we get a candle open and close on the daily chart above the golden zone of about $118k.
Thanks for listening and reading my publications and please share your thought in the comments sections if you see otherwise or support the trade idea. Let beat the market together. Cheers!!!
