Last time I told you that the downtrend for the Bitcoin on the 1D timeframe is about to end, but today I can see that it struggles to reach my final target. Thus, I closed my speculative long which I opened at $20300, now I have only tradevesting position.
What is bad now for BTC? Let’s take a look at the WhiteBIT exchange BTCUSDT chart. Here we can see the multiple attempt to break through the 0.38 Fibonacci level on the 1D timeframe, but the price formed two low pin bars. It could be the bearish sign. Also the key fractal level which I pointed out last time was not also broken the upside as I supposed. And my final bearish evidence is struggling to break through even bottom central pivot of the July CRP indicator. Now I expect the correction from the current level.
If the price will be rejected from the 0.38 Fibonacci it would not even reach the upper band of the upward trend channel, which is the sign of weakness and evidence for the potential lower low.
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