Bitcoin might have completed 5 waves from 3850 lows, and could be preparing for a corrective drop. Probabilities still remain for a break above 10500 resistance before producing a meaningful correction. Either way, it could be safe to take profits on long positions for now and wait for a corrective drop to initiate fresh long positions. A high probable support zone is around 6500/7000, which is close to fibonacci 0.618 retracement of the rally between 3850 and 10000 respectively. The larger degree wave structure remains bullish as long as Bitcoin trades above 3850 handle, Wave (2) on the chart. By all means, Wave (3) seems to be underway towards 13800 and higher and a lower degree Wave 1 might be in place around 10000 levels. In short, the larger structure remains bullish against 3850, but expect a corrective drop to materialize soon.
Strategy:
Long against 3850. targeting above 13800 in the long term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against 3850. targeting above 13800 in the long term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
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.
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.