Bitcoin corrective drop is looking incomplete from 10500 highs. The crypto might be preparing to unfold as a flat (3-3-5) structure towards 6300/6400 before resuming higher again. We might see another push towards 9500/9700 before Bitcoin could reverse sharply towards the above support zone. Also note that fibonacci 0.618 retracement of the rally between 3850 and 10500, is seen around 6360 levels. High probability remains for a bullish bounce, if Bitcoin manages to reach there. The short wave structure also indicates that Bitcoin might have completed an impulse from 3850 through 10500, Wave 1 on the chart. It is working on a corrective Wave 2 lower, towards 6300 mark, before resuming higher again, as Wave 3 unfolds. Structure remains bullish against 3850 handle.
Strategy:
Long against 3850, targeting above 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:
Long against 3850, targeting above 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.