Bitcoin bulls have managed to rally towards 10000 levels today, and high probability remains for a push towards 10500 mark before pulling back. A break above 10500 handle would confirm that bulls have registered themselves for a continued rally post a corrective drop. Structurally, Bitcoin remains bullish as long as prices stay above 3850 lows in the long run. A larger degree Wave ((5)) seems to be underway since 3100 lows in December 2018. Furthermore, Bitcoin has managed to terminate Waves (1) and (2) at 13800 ad 3850 respectively. Since then, Wave (3) has be unfolding and a print through 10500 would complete lower degree Wave 1. Hence, please be prepared for a Wave 2 drop towards 6300 handle before the rally continues any further.
Strategy:
Take profits @ 9700/10500 and remain flat. Look to buy @ 6300/6500, 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:
Take profits @ 9700/10500 and remain flat. Look to buy @ 6300/6500, 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.