XBTUSD possible correction target after bear market rally
Updated
BTC made a nice rally after being sold heavily down to 3100 levels. Once the uptrend was confirmed traders bought BTC en masse and quite a few short positions closed up on Bitfinex.
Now everybody is asking: is this the end of this short-term uptrend or does BTC have some more gas in the tank? After consolidating a few days
above the 0.5 fib retracement level the bulls didn't show enough interest in resuming the uptrend. Maybe they want to buy a bit lower. Now BTC is reaching key 0.618 fib retracement level. For the uptrend to continue BTC has to bounce from 3470-3550. Below 3435 the odds are greatly diminished.
I will set up limit buy orders between 3470-3550, half of initial position. I will add the rest upon confirming that this area acts as a strong support.
Good luck!
Now everybody is asking: is this the end of this short-term uptrend or does BTC have some more gas in the tank? After consolidating a few days
above the 0.5 fib retracement level the bulls didn't show enough interest in resuming the uptrend. Maybe they want to buy a bit lower. Now BTC is reaching key 0.618 fib retracement level. For the uptrend to continue BTC has to bounce from 3470-3550. Below 3435 the odds are greatly diminished.
I will set up limit buy orders between 3470-3550, half of initial position. I will add the rest upon confirming that this area acts as a strong support.
Good luck!
Comment
The big picture. The iHS is being noticed by some traders. A similar fractal from June 2018
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.