Bitcoin -1.51% whales coming back to the market and institutional investors start to invest heavily after paying taxes on their accumulated profit over the last year. BTC -1.51% formed a bullish flag that about to breakout with MPO 0.79% near 12,500$ level. However, if we break down for a deeper pullback we can expect a deeper correction, where currently falling exactly from 9500 resistance level and 78,6% Fibo. retracement to 8400$ level.
Bitcoin -1.51% bounce back and forth against the US dollar 0.30% during choppy trading on Friday, losing just a tiny bit. However, the $9750 level above should be resistance, and if we can break above there I think that the market will probably go looking towards the $10,000 level next. A break above that level should send this market towards the $11,500 level and possibly higher. Ultimately, there is more than enough support underneath to keep the market higher, but I recognize that the $9000 level underneath would be support, just as the $8800 level would be. I think that the market will continue to be one that you need to pay attention to and use small positions in. Looking at this market, I think that adding to a winning position is probably the only way to go. Do not put too much into this market at once.
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Note
Note
We adjusted our Flag. Right now it seems like a Symmetrical Elliot Triangle Wave (ABCDE) in a Bull market as part of the 4th correctional wave. We saw 5 waves down and only 3 waves up so far, however, there is still a high possibility of the aggressive bullish move because as you can see Bears struggle to overtake a control. For Me its just a matter of time now.
If this post will gather 20 likes - I will post a precise description of How I use my indicators like SMA, EMA, RSI, DMI and DPO.
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Note
We saw a nice bounce up towards 9200 lvl. This move validates my idea of Symmetrical EW Triangle. However, for completion of this bounce, we need one more wave down.
Let's be patient and see how this formation will play out.
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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.