Bitcoin has rallied towards 10500 after trading sideways for a while. This was left as an option before the crypto could correct itself. Now that resistance has been taken at 10500, bulls are expected to take a break, as bears come into play for short term. Expect Bitcoin to produce a corrective drop towards 6500 zone, before resuming rally. Looking at the medium term wave counts, the rally between 3850 and 10500 could be a lower degree Wave 1 (not labelled here). A corrective drop towards 6500 could terminate into Wave 2, before reversing higher again as Wave 3 unfolds towards 13800. We are changing our stance from bullish to bearish for short term. A break below 8650 will confirm a bearish reversal.
Strategy:
Short term bearish towards 6500
Long term bullish towards 13800
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:
Short term bearish towards 6500
Long term bullish towards 13800
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.