As i noted in my most recent Bitcoin update, we were either going to see a big bounce from the 61.8% Fib level, or a big selloff, it appears as though the former is playing out.
Bitcoin has surprised everyone with a two day rally (2nd day in progress) of over 40% from the lows around $7300 to over $10,000.
I would suggest people not chase the move, wait for a pullback to enter if you have not already, we are currently at the 50% Fib retracement from the most recent high at $14,000, so there is a chance we continue to rally into the 61.8% FIb level, which sits at just shy of $11,000, or we consolidate around here within a band.
I will not attempt to hazard a guess as to where we go near-term (as any good TA should), but i would caution anyone feeling FOMO, best to wait for the move to occur and pick it up on a pullback.
Remember you make your money based on when you buy, not when you sell.
Be patient and stay cool.
Bitcoin has surprised everyone with a two day rally (2nd day in progress) of over 40% from the lows around $7300 to over $10,000.
I would suggest people not chase the move, wait for a pullback to enter if you have not already, we are currently at the 50% Fib retracement from the most recent high at $14,000, so there is a chance we continue to rally into the 61.8% FIb level, which sits at just shy of $11,000, or we consolidate around here within a band.
I will not attempt to hazard a guess as to where we go near-term (as any good TA should), but i would caution anyone feeling FOMO, best to wait for the move to occur and pick it up on a pullback.
Remember you make your money based on when you buy, not when you sell.
Be patient and stay cool.
Trade active:
My entry level would be around the period of consolidation around the $8500 level, given these explosive moves rarely sustain their peaks.
