BitcoinShort
BTC correction imminent back to Fib 61.8 LEVEL
Idea updated.
BTC is still way overbought on the chart, similar to 2017 peak levels. A correction must happen.
Considering the bull flag that's forming, I'm now expecting continuation up to 6K level then a retrace back to 61.8 Fibonacci level, which will then bounce back to form a down trend. Many buyers present at the 3.6K price area. Possible double bottom after that but too early to say how likely is that.
BTC is still way overbought on the chart, similar to 2017 peak levels. A correction must happen.
Considering the bull flag that's forming, I'm now expecting continuation up to 6K level then a retrace back to 61.8 Fibonacci level, which will then bounce back to form a down trend. Many buyers present at the 3.6K price area. Possible double bottom after that but too early to say how likely is that.
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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.