Short
Bitcoin close to an intensive retrace
Updated
As we can see on the chart, Bitcoin has terminated the wave 3 as a Supper Cycle. Since January 7, the price started to form a Terminal structure. Also from mentioned date we can see divergences in both of MACD and RSI indicators. Therefor, it can't be expected that buyers will support the price when the market is in a downward until the price reaches 30000 USD.
Furthermore, when the market forms a Terminal, the price will retrace 100% of the structure in 50% of it's formation in the time scale. The market took about 70 days to form the Terminal or Ending structure, so the correction will be about 35 days. If it takes more than 40 days, this analysis will be failed. Also set the stop loss on 60000 USD.
TP: 30000
TP2: 22000
SL: 60000
Furthermore, when the market forms a Terminal, the price will retrace 100% of the structure in 50% of it's formation in the time scale. The market took about 70 days to form the Terminal or Ending structure, so the correction will be about 35 days. If it takes more than 40 days, this analysis will be failed. Also set the stop loss on 60000 USD.
TP: 30000
TP2: 22000
SL: 60000
Note
SO, BTCUSD HIT THE TARGET
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