Hey guys, Small update with brief information.
We have found ourselves within a Smaller channel, This channel plays out in the bigger/longer term channel.
What we do see evolving at the end of the smaller channel is, a downward sloping resistance, This could be bad news for our short term trend.
If the Yellow line (downward sloping resistance) succeeds in pushing Bitcoins price down and out of the smaller channel, we will find refuge around $12,400
this also coincides with the median of the bigger channel that we mentioned in the previous publication.
If however we bust through this Yellow line…. Well then good things could come.
our first zone of refuge will be around $14,200
once we have met this target we could very possibly retrace to the upper zone of the golden pocket of the Fibonacci zone, $13,900 before pushing further on up towards the 0.786 sitting around $16,200
The weekend is coming, which will mean will drop away which is also a negative sign.