BTC - Watch $11,000 - Breakout Update - Be Patient
Updated
As i noted in my most recent Bitcoin update, we were either going to see a big bounce from the 61.8% Fib level, or a big selloff, it appears as though the former is playing out.
Bitcoin has surprised everyone with a two day rally (2nd day in progress) of over 40% from the lows around $7300 to over $10,000.
I would suggest people not chase the move, wait for a pullback to enter if you have not already, we are currently at the 50% Fib retracement from the most recent high at $14,000, so there is a chance we continue to rally into the 61.8% FIb level, which sits at just shy of $11,000, or we consolidate around here within a band.
I will not attempt to hazard a guess as to where we go near-term (as any good TA should), but i would caution anyone feeling FOMO, best to wait for the move to occur and pick it up on a pullback.
Remember you make your money based on when you buy, not when you sell.
Be patient and stay cool.
Bitcoin has surprised everyone with a two day rally (2nd day in progress) of over 40% from the lows around $7300 to over $10,000.
I would suggest people not chase the move, wait for a pullback to enter if you have not already, we are currently at the 50% Fib retracement from the most recent high at $14,000, so there is a chance we continue to rally into the 61.8% FIb level, which sits at just shy of $11,000, or we consolidate around here within a band.
I will not attempt to hazard a guess as to where we go near-term (as any good TA should), but i would caution anyone feeling FOMO, best to wait for the move to occur and pick it up on a pullback.
Remember you make your money based on when you buy, not when you sell.
Be patient and stay cool.
Trade active
My entry level would be around the period of consolidation around the $8500 level, given these explosive moves rarely sustain their peaks.
Related publications
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.