Hi traders, we were talking about possibility for BTC to push lower and make some correction in order to gain some strenght for continuation. Right now we are having 4h bearish flag which can push price lower (will post analysis below). I see retrace to trendline and fib 0.618 ( i will only consider that possible drop coming as C wave for buy) Becouse as you see we already have A wave and B in the making, so we need C wave to complete some king a correction. Check below 4h analysis which indicate that price can push lower soon.
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So as you see bitcoin form nice price action for sell. We already have A-B-C wave in that bearish flag, and we are close to fib 0.786 which can push price lower. My target will be on that trendline where i expect price to stop and reverse to the upside
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Price rejected nicely, if you took any trades put it on brekeven. And watch for breakout on that bearish flag to add sells
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Nice break and retest, if you took sells secure them with be and watch for possible new entries
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Price might aswell push bit higher to complete possible running flat appering there. Watch lower tf if there will be some correction for one more wave to the upside and possible retest of fib 0.618
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My view i expect retest of 27k area
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watch for strong breakdown
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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.