BitcoinShort
Correction on the Horizon. Fib Support levels on the way down
Bitcoin had a decent rally taking over the Major resistance @40-42k and staying above the 200 Day moving average for a while now. The hype around the social medias is also bubbling and for me that is a sign for an upcoming correction.
I am using the Fib. Extension tool to set a possible levels of support if the price starts a downtrend. Obviously, those Fib. levels match very well with some of the bigger support levels.
I still think that a retest of the 50-51k area is possible in the coming days, but that may trigger many conditional short orders and dump the price. On the other side, if we see a very strong push beyond 50k, a short squeeze may happen skyrocketing the price.
Following the market structure, I am looking for short entries. But I also keep in mind the craziness of crypto which tells me that everything is possible regardless of the technical analysis.
I am using the Fib. Extension tool to set a possible levels of support if the price starts a downtrend. Obviously, those Fib. levels match very well with some of the bigger support levels.
I still think that a retest of the 50-51k area is possible in the coming days, but that may trigger many conditional short orders and dump the price. On the other side, if we see a very strong push beyond 50k, a short squeeze may happen skyrocketing the price.
Following the market structure, I am looking for short entries. But I also keep in mind the craziness of crypto which tells me that everything is possible regardless of the technical analysis.
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