Bitcoin might be ready to resume lower again after testing 9900/9800 resistance again. The crypto had taken out 10500 resistance earlier, and a corrective drop has been due since then. Structurally, the rally from 3850 through 10500 seems to be an impulse that needs to be followed by a corrective drop. Looking at the short term wave counts, Wave a and b seem to be in place at 9150 and 9900 levels respectively (not marked on the chart here). If the above counts are correct, Bitcoin should resume lower towards 6300/6400 zone as Wave c unfolds. Also note that fibonacci 0.618 retracement of the earlier rally is also seen towards 6270, hence high probability remains for a bullish reversal. Overall, Bitcoin continues to remain bullish as long as prices stay above 3850 support.
Strategy:
Long term bullish against 3850, targeting above 13800
Short term bearish towards 6300/6400
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 term bullish against 3850, targeting above 13800
Short term bearish towards 6300/6400
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.