Bitcoin short term update 6/8/21
Yesterday morning the rally from 78.6% (3) took it right to 38.2% (A), as we mentioned the ideal target on a rally from 78.6% should send it to 78.6% (B) the other way, however you have to watch all the retracements on any move regardless of the target.
"As always we watch all the retracements regardless of the target to see just how weak, or strong the market is and right now they are at 38.2% (A) of the current break. Provided this is all they can do, look for new lows for the move and then to the long term update for targets."
This was all they could do (38.2%) and the new lows followed in a big way. They are through all the short term retracements on the downside and we are now looking for 61.8% of the ATH and the 2018 low. This is 28300. We will watch all the retracements on any rally to determine just how weak, or strong the market is. The short term swing point is now 38.2% at 35500 (C) and any rally that can't get above 23.6% at 34250 (D) keeps the market extremely negative.