BitCoin Reaching Its Top? What To Look For In A Correction...

Traders, BitCoin (BTCUSD) had an amazing gravity defying rally in last few weeks/months. This is true sense has been a parabolic move. However there are now growing chances of a correction.

On monthly time frame a W pattern is about to complete between 16280 and 17000. This is a high probability Sell Fibonacci Confluence Zone with multiple fibonacci levels from multiple time frames coming together. This is where I will be looking to take profits on long and plan for a short.

If it starts to fall from this zone the next approximate zones for the correction to reach will be around these levels. If one zone is broken then the next will have high probability of reaching. These zone can also act as new levels to take profits on short positions and go long again based on your confirmation techniques.

Target Zone 1: 13500
Target Zone 2: 11500
Target Zone 3: 8300
Target Zone 4: 6000

Stay safe and trade well
-Vik

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Disclaimer:
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions.
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Comment:

inner zone:

Comment:

Looking good so far. It is falling from the FCP zone. The trade is already in profit and de-risked.