Looking at the Bitcoin 2-day chart, the focus is on 8587. That level is the 50% retracement of the big part of this year's uptrend. If BTCUSD can achieve a close of a 2-day candle above 8587, then the wave work shows a move to 16k is very likely. Bulls could then pile in on dips.
Conversely, if BTCUSD fails badly at 8587, that would be a very worrisome sign.
Bottom Line: For the rest of this week, we have to watch what happens at 8587 in BTCUSD very closely. Keep positions sizes small until the chart read is crystal clear.
Conversely, if BTCUSD fails badly at 8587, that would be a very worrisome sign.
Bottom Line: For the rest of this week, we have to watch what happens at 8587 in BTCUSD very closely. Keep positions sizes small until the chart read is crystal clear.
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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.