Since mid of March the price of BTC has over doubled compared to USD and for me it seems like a V shape recovery.
Are we going higher from this levels? Possible, but I think there might be a better buy opportunity.
The main reason, why I think the price can go lower (below 7000) in the future is because I see an Elliot wave pattern confirming on daily time-frame and it seems like a possible "wave C" is coming.
Other reasons are the following:
- The price is breaking out of the channel
- RSI is breaking the trend line
- MACD is in the overbought zone
So, joining bears from around 9100 price level with S/L around 10050 and 6800 T/P level provides decent R:R.
Make your own analysis before entering position.
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Feel free to share your opinion/position via comment and follow me to stay updated + support my work by hitting like.)
Are we going higher from this levels? Possible, but I think there might be a better buy opportunity.
The main reason, why I think the price can go lower (below 7000) in the future is because I see an Elliot wave pattern confirming on daily time-frame and it seems like a possible "wave C" is coming.
Other reasons are the following:
- The price is breaking out of the channel
- RSI is breaking the trend line
- MACD is in the overbought zone
So, joining bears from around 9100 price level with S/L around 10050 and 6800 T/P level provides decent R:R.
Make your own analysis before entering position.
//
Feel free to share your opinion/position via comment and follow me to stay updated + support my work by hitting like.)
Trade closed: stop reached