🚨URGENT! MUST READ.🚨
~
🚨Bitcoin is about to DUMP.🚨
~
So before I start this post, I want to address the fact that this dump has nothing to do with Mt. Gox, this dump was inevitable to happen since we're too overbought on the daily.
~
1D: #BTC is currently getting rejected at the mid-range, which also aligns with the 0.618 fib level. Typically, after a down trend, sometimes we have a dead cat bounce where the price retraces to the 0.618 fib level before dumping again. In order to invalidate this, we need to flip the 72k level into support.
Also, as you guys can see, $BTC never retested the 20 EMA after we broke out of it, ever since losing it in early June. A retest will happen sooner or later.
The levels of the dump is marked in the 4H chart.
~
4H: Bitcoin has completed 5 waves up on the 4 hourly time frame and is on its way to do an ABC correction, I believe that the C wave bottom will be somewhere between the 0.618 & 0.5 Golden Fib zones. Which also aligns with the 20 EMA retest on the the daily.
I've drawn in yellow what I expect the ABC correction to look like.
~
If you want to know what the most bearish scenario can be, then I've also attached a 4H chart showing that, if we lose the July 8 low, we're in a technical target to 1.272 Fib level sitting at $51,450, & if we have a deeper retracement, then 1.618 Fib level sitting at $48,054
~
Thanks for reading, stay safe.🤝🏻
#ETH_ETF_Approval_23July #Mt_Gox_BTC_Dip #SOFR_Spike #SOFR_Spike #BinanceTurns7
