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Milad_IMZ
Jul 1, 2020 4:57 PM

BTC Retesting Support Levels Short

Bitcoin / DollarBitfinex

Description

I don't see a lot of buying power happening here and the volume is pretty low. I think Bitcoin will retest some Fib support levels before starting major rallies up. The first target will be $8700 (23% Fib) or we can see even lower price targets around $7900 (50% Fib) in longer run. June was pretty boring already so let's see how July will play.

Honestly, it is just a long, messy wave 4 correction in Elliot Wave and there are not much to trade here. There is higher probability to lose money instead of gaining if you are a day trader. So I suggest to close your positions with small profits, just to be safe, unless we get out of this nasty wave 4 correction.

Happy trading and stay safe!
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