InvestMate|Bitcoin a chance for a correction?
Updated
💰Bitcoin a chance for a correction?
💰Bitcoin in the last day has broken out from minimum to maximum by 6.12% This is definitely a standout from the previous days.
💰I don't think this breakout was a coincidence, bitcoin caught some air at the same time as the major stock indices started to break out higher.
💰A dollar started to weaken.
💰Such a situation must have led to the strengthening of Bitcoin and other cryptocurrencies.
💰But can we count on something more in the coming days or is this just a bull trap?
💰But I think it is more than that and we can expect an upward correction in the coming days.
💰The most likely scenario is to reach 30,000.
💰This is due to two fibo measurements, the first is the 0.236 level of the wave from ath to the minimum and the second measurement is the 1.618 level of the last largest downward wave. This brings up a cluster at the round level of 30k which further confirms these levels as the market likes to reach round numbers.
💰But the first important resistance to overcome will be the resistance zone coming out at 25k.
💰It is highly likely that this resistance will be tested, and who knows there may even be a deeper correction as I show below.
💰Assuming we open positions now, with a takeproft at 30k the most sensible place for a stop order would be the new low, i.e. below $17500.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
💰Bitcoin in the last day has broken out from minimum to maximum by 6.12% This is definitely a standout from the previous days.
💰I don't think this breakout was a coincidence, bitcoin caught some air at the same time as the major stock indices started to break out higher.
💰A dollar started to weaken.
💰Such a situation must have led to the strengthening of Bitcoin and other cryptocurrencies.
💰But can we count on something more in the coming days or is this just a bull trap?
💰But I think it is more than that and we can expect an upward correction in the coming days.
💰The most likely scenario is to reach 30,000.
💰This is due to two fibo measurements, the first is the 0.236 level of the wave from ath to the minimum and the second measurement is the 1.618 level of the last largest downward wave. This brings up a cluster at the round level of 30k which further confirms these levels as the market likes to reach round numbers.
💰But the first important resistance to overcome will be the resistance zone coming out at 25k.
💰It is highly likely that this resistance will be tested, and who knows there may even be a deeper correction as I show below.
💰Assuming we open positions now, with a takeproft at 30k the most sensible place for a stop order would be the new low, i.e. below $17500.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Note
Beautiful continuation of growthTrade active
Cumulation before the bump?
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