The price of BTC firstly has created a potential larger ABC simple correction pattern followed by a V-shaped recovery. Secondly, after this huge rebound, the price has tried to break 12000 USD. However, this attempt has ended with some correction which could look like an abc running pattern.
The market has retracted after a move above 10500 USD and stopped at previous potential resistance, currently possible support at 9950 USD. If this level is defended the market may try to create another impulse wave with possible targets at 100% of Fibo expansion or 161,8% of Fibo expansion.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The market has retracted after a move above 10500 USD and stopped at previous potential resistance, currently possible support at 9950 USD. If this level is defended the market may try to create another impulse wave with possible targets at 100% of Fibo expansion or 161,8% of Fibo expansion.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
