Relief rally close to completion
Updated
As the "death cross" trade on BTC and other risk on charts completed, by Bitcoin hitting the low target of 48k (could still extend to 52k ), situation on daily chart is ripe for a return to downtrend. Attempts on 200 daily MA failing, copying 2018 May- July setups, especially considering Weekly chart where one of the relief rallies ended up hitting from below 50 Weekly MA and then heading down to 200 WMA . Before we get so low next target I believe we will reach before May's US Fed's int rates hikes, is our last low area 33-36k, where we could stay a little bit longer depending on Russia/Ukraine situation. Eventually I strongly believe price will seek out 200WMA in the next 6-8 months so around 22k , depending when it happens exactly.
Trade closed: target reached
Another short setup completed, with my target range well exceeded. Will be looking out for a potential target during this rally, but as we are in a downtrend these long setups are much riskier.
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