Bitcoin daily structure presented here is indicating that a larger degree impulse Wave (1) completed at 138000 levels, after forming lows at 3122 lows in December 2018. The subsequent drop proved to be a combination and might have terminated at 3850 as Wave (2). Ideally Bitcoin should stay above 3122 to keep the bullish structure intact. Also note that the recent bounce from 3850 lows is right from the channel support and just below the fibonacci 0.786 retracement. High probability remains that a similar degree Wave (3) is in progress from 3850 and initial price targets could be seen above 9000 and 10500 respectively.
Strategy:
Long against 3850, targeting 8000, 9000 and 10500 in the short term.
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:
Long against 3850, targeting 8000, 9000 and 10500 in the short term.
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.