The bubble has burst, the correction reached its maximum correction fibo level @ 575$. Should that Level hold, a longposition is thinkable Here a example, trying to catch a shortterm Long Move. An intzeresting tp could be the 38,2 fibo @ 625
former Analysis:
Is this a new anticyclical long-signal? Can the new "3" be bulit? If not, i see more downwards-potential below the actual shortterm-trend. . The massive breakout has to be consolidated, this could be healthy. A first TP on the downsiide could be 705$ ( EMA and last Low). The next TP could be the former longterm resistance, which turned into a support-level @ 680$. The "normal minimum" correction would be the 38,2 fibo-retracement @ 652$. Prices above 780 will generate a new buying Signal
Longterm resistance turned into support?
Today, we have seen a dip to the former longterm resistance Level @ 680$ which now turned into the cetral pivot supportlevel. If we have a look at the MACD and the RSI , we can clearly see the overbought Situation since the massive breakout (wedge, with breakout Zone @ 470$ - Explosion ahead? ). Both indicators signalize a possible downmove. Should the central supportzone at 680 can not sustainable defended , a further consolidation is thinkable. In my Chart i illustrate the next Support zones, the fibos 0,382/0,5/0,618 (minimal / normal / maximal correction) : 645,8/604,92/564. At the minimal correction Level also is based the sma 20. Prices above 680 are still bullish . The Chart clearly brightens, if btcusd-2.20% can trade above it s last high at 780.
Trade closed: target reached
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example trade won more than 7% intraday , unleveraged :-)
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BTCUSD reached central resistance at 68ß!
Comments
The_Cannalyst
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tp reached..cheers
The_Cannalyst
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the Chart still smells bearish! Prices below 575 will generate a new selling Signal. Only Prices abobe 595 will brighten the shortterm Chart. Between 595 and 610 is a resistance Cluster of fibos and the downtrend edge
The_Cannalyst
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the actual Level could be a possible Turnaround Level. Here is based the 38,2 fibo of the youngest downmove from 678-539! Beware of the fibos! :-)