davistradingforex

Bitcoin Swing to the Bulls?

Long
davistradingforex Updated   
BITFINEX:BTCUSD   Bitcoin
Finding some support around 6500, its possible this might be the swing zone into a bull run pullback to wedge break zone resistance. If wave 1 holds and the pullback does not break structure i will be looking for a few day bull run up to said levels. I was expecting it to hit 6500 round number or 6000 before the bulls could accumulate whats needed to rally for multiple days. I will be watching closely to see what Bitcoin does over the next few days at this important zone.
Comment:
Momentum is still bearish with a nice abcd harmonic about the close . expecting a pullback and a test of structure
Comment:
if the next pull back does not break the previous point D, a possible inverse head and shoulders would give a neckline around 7200 at upper channel resistance

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.