Bitcoin had dropped to 8500 over the weekend before finding support again. Bulls might be determined to push higher towards 10500 resistance before giving in to bears, until prices stay above 8000 handle. A break above 10500 resistance would also confirm that trend has reversed since 3850 lows and it would continue further after a pause. Structurally, Bitcoin had earlier rallied from 3120 lows in December 2018 through 13800 highs in June 2019 sub dividing into 5 waves, Wave (1) on the chart here. The subsequent drop proved corrective and terminated around 3850, Wave (2) on the chart. Ideally Wave (3) could be in progress and essentially complete above the 13800 mark. Bitcoin might be close to completing lower degree Wave 1, within Wave (3) around 10500, before correcting lower.
Strategy:
Long against 3850, targeting above 10500.
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:
Long against 3850, targeting above 10500.
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.