Hey Guys, We are finally coming to an end of a steep correction for BTC and as you can see, we are at the end stage of a falling wedge shaped pattern.
Currently, I have been analyzing the 5 hour RSI pattern which is indicating another drop, down to the red box region in 7700-7800 range. I will be monitoring the price when we reach that range as it forms a very strong support. You can also see that it is the .618 fib retracement region of the previous bull run, so you can be sure that most traders would be eyeing for that spot to go long.
I would not recommend a short play here, as the price can rocket up anytime between now and 7750$ price level.
Trade safe, I will keep the post updated on when I make my long entry! :)
Currently, I have been analyzing the 5 hour RSI pattern which is indicating another drop, down to the red box region in 7700-7800 range. I will be monitoring the price when we reach that range as it forms a very strong support. You can also see that it is the .618 fib retracement region of the previous bull run, so you can be sure that most traders would be eyeing for that spot to go long.
I would not recommend a short play here, as the price can rocket up anytime between now and 7750$ price level.
Trade safe, I will keep the post updated on when I make my long entry! :)
Trade active
Looks like Bitcoin had a fake breakout and we're still en route for the bounce point I mentioned earlier. I have updated my chart with potential zones on what levels we should see a potential bounce from as noted in this chart- I have setup my buys just above these fib levels and will dollar cost average in case we go down, seems like we will be waiting for a week or two before we see a breakout rally.
Patience is a virtue which many don't possess, I would recommend staying away from being in any position at the moment until we have solid confirmation on a breakout.
Trade well!
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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.