$BTC expecting a corrective retracement
Updated
This is just a smaller update in my longer term view for BTC to $6.000 (link below).
BTC went up into the blue box which I determined 2-3 weeks ago. This is a potential reversal area for me and in this box I saw a reversal pattern.
BTC broke out of this pattern to the downside, curently doing a retest of the trendline which seems to fail.
If the drop continues, I'm expecting a retracement towards the blue trendline, based on fibonacci extensions AND retracement calculations what could complete an ABC which is very likely after 5 legs up.
Another scenario is a bigger correction (left chart) but not very likely to me as remain very bullish for BTC.
Tradingadvise: I wouldn't short this, BTC is very strong these days. Market is tricky and I would advise to sit it out (if it happens) and buy the dips.
BTC went up into the blue box which I determined 2-3 weeks ago. This is a potential reversal area for me and in this box I saw a reversal pattern.
BTC broke out of this pattern to the downside, curently doing a retest of the trendline which seems to fail.
If the drop continues, I'm expecting a retracement towards the blue trendline, based on fibonacci extensions AND retracement calculations what could complete an ABC which is very likely after 5 legs up.
Another scenario is a bigger correction (left chart) but not very likely to me as remain very bullish for BTC.
Tradingadvise: I wouldn't short this, BTC is very strong these days. Market is tricky and I would advise to sit it out (if it happens) and buy the dips.
Note
and this is why I wrote "don't short BTC here" amazing blast through 5k
Overbought on most timeframes now. Its not a guarantee for correction. Lets see
Note
Posted an update in my long term view on BTC (link below)
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