Bitcoin had dropped below 9000 handle before pulling back yesterday. The crypto is retracing its recent drop from 9800 through 8830 levels. The fibonacci 0.618 retracement of the above drop is seen towards 9400 zone. A bearish reaction can be expected if Bitcoin manages to reach there. Looking at the wave counts since 3850, the crypto might have completed Wave 1 around 10500 levels. A corrective drop towards 6300 remains possible, as a potential Wave 2 termination. Also note that fibonacci 0.618 of Wave 1 is seen around 6370. Bitcoin is expected to turn higher from there, and resume its rally towards 13800 levels, going forward.
Strategy:
Short against 10600, targeting 6300/6400. Then bullish.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 10600, targeting 6300/6400. Then bullish.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.