Last time I admitted the possibility of the local decrease, now we can see it. My main scenario is as usual the bull trap creation with the pump to $29k, but I am going to wait the local dump to add Bitcoins to my position.
Let’s take a look at the BTCUSDT chart of the KuCoin exchange. It is very important that the price was able to return above the S1 pivot level ($19500) and now we can expect the local dump to this level again. Here is also located the 0.61 Fibonacci level. Moreover this is very nice liquidity zone, let’s imagine your feelings when the price will come here. It will be extreme fear. From this zone it would be critical to see the bullish reaction. In this case we can expect the broken trendline and countertrend line retest during the next week. Moreover the -0.618 final Fibonacci target is also located next to these trendlines.