Bitcoin corrective wave is unfolding since 10500 levels and potential remains for a termination towards 6300/6400 levels. The medium wave structure remains clear: The rally between 3850 and 10500 seems to be an impulse, Wave 1 here. A potential Wave 2 (flat) could be on its way towards 6300 levels. Thereafter, we can expect a Wave 3 rally towards 13800 and higher respectively. Also note that fibonacci 0.618 support of Wave 1 is seen towards 6370, and hence a bullish bounce remains highly possible. A break below 8830 would accelerate the drop. For the short term, we turn bearish against 10500.
Strategy:
Short against 10500, targeting below 6400. Then bullish again.
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:
Short against 10500, targeting below 6400. Then bullish again.
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.