As the chart shows on CME, Bitcoin has completed the AB=CD pattern, meanwhile, MACD formed the death cross, RSI told us overbought, all the signal tell us bitcoin need to fix the technical indicators.
but, we know that bitcoin is processing the upside trend, it's not wise for me to do a short trade, as a daily trader.
When I look for the PRZ, I found that there is a prior gap left, it's important information for us to find the Potential Reversal Zone, it an opportunity for me to do the long trade.
So, I find the support area base on the prior gap and 0.5 Fibonacci retracements. My target is the top of the uptrend channel, it also touched the 1.618projection of the CD leg
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but, we know that bitcoin is processing the upside trend, it's not wise for me to do a short trade, as a daily trader.
When I look for the PRZ, I found that there is a prior gap left, it's important information for us to find the Potential Reversal Zone, it an opportunity for me to do the long trade.
So, I find the support area base on the prior gap and 0.5 Fibonacci retracements. My target is the top of the uptrend channel, it also touched the 1.618projection of the CD leg
If you like this opinion, please hit the like button.
