Bitcoin - Where The Price is Going Next?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The market managed to recover back above of 0.618 fib level and leaving a long wick behind. This indicates that you can find demand close to 0.786 fib level.

It's important to wait and follow if it does manage to hold 0.618 fib level and higher low formation which both are crucial for upward movement. the Longer it holds 0.618 fib level the higher is the chance that it's trying to push higher.

The price needs to take down $6772 level to continue pushing higher and to get me confidence enough that the overall trend has changed. This can work as good entry level together with confirmed signals and partial profit target can be found around $7090 level. Main profit is around $7.400 - $7.700.

If it doesn't hold 0.618 fib level then it's likely to retest 0.786 fib area.

In the larger scale it's starting form inverse head and shoulders pattern.

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Things to Remember:
  • Stop-loss orders are strongly recommended.
  • Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
  • Do your homework before investing.

Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.

Comment: BTC/USD having bounce upwards from 0.236 fib level. Also forming inverse head and should pattern.


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