Bitcoin sideways consolidation continues for now as the crypto trades around 9500 levels. High probability remains that a meaningful interim high is in place at 10075 levels and that bears remain poised to push prices lower towards 6500, going further. The intermediary trend might change to bearish as Bitcoin corrects towards 6500, before finding support. Overall structure remains bullish against 3850 lows and ideally prices should stay higher, going forward. The fibonacci 0.618 support of the recent rally comes in around the 6200 mark, and we cannot rule out a drop until there before bulls are back in control. In the long run, Bitcoin is expected to rally towards 13800 as Wave (3), within Wave ((5)) progresses. It is advisable to take some profits on the long positions and stay aside as Bitcoin corrects itself.
Strategy:
Take profits on long positions and remain flat for now.
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:
Take profits on long positions and remain flat for now.
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.