On the daily and weekly timeframes, Bitcoin appears to be in a long sideways correction, at the moment. After retracing strongly to the downside, with a first impulse that took the cryptocurrency to the 10800 area,
BTCUSD
went through a major degree regular flat type corrective structure (ABC correction), which was consequently followed by another impulse to the downside that took the price to the 6050 area. From that level, Bitcoin has been in an extensive sideways movement that could last for much longer, operating in same defined range. At some point, however, we believe that the cryptocurrency will continue it's downtrend for a last extension, to at least retest previous low in the 6050 area and possibly all the way to the 0.27 fib of the previous movement. Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
BTCUSD
went through a major degree regular flat type corrective structure (ABC correction), which was consequently followed by another impulse to the downside that took the price to the 6050 area. From that level, Bitcoin has been in an extensive sideways movement that could last for much longer, operating in same defined range. At some point, however, we believe that the cryptocurrency will continue it's downtrend for a last extension, to at least retest previous low in the 6050 area and possibly all the way to the 0.27 fib of the previous movement. Updates on smaller timeframes will follow. If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.