Good morning Traders,
Welcome to this new week of trading -->
Well, after bitcoin reached our target of $10000 the question arises what is next with the cryptocurrency.
After bitcoin reached somehow the $10000 levels, we saw a significant pullback to the downside, losing around -8%.
I have now 2 possibilities what can happen with bitcoin. No doubt that I am still bullish in the daily chart as long as the important low of $5970 holds.
2 possibilities:
- First one is the black one (drawn in the chart) we could see a short-term pullback to the 61.8% Fibonacci Retracement and lower trend line before a pullback to the upside should be taken place. That will be a decision zone. Either it goes for a bigger correction to correct the head and shoulders pattern explained above to retest the support area of $8327.4 or it takes the orange line. Without making a bigger pullback and rallying again.
Hope this helps.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Welcome to this new week of trading -->
Well, after bitcoin reached our target of $10000 the question arises what is next with the cryptocurrency.
After bitcoin reached somehow the $10000 levels, we saw a significant pullback to the downside, losing around -8%.
I have now 2 possibilities what can happen with bitcoin. No doubt that I am still bullish in the daily chart as long as the important low of $5970 holds.
2 possibilities:
- First one is the black one (drawn in the chart) we could see a short-term pullback to the 61.8% Fibonacci Retracement and lower trend line before a pullback to the upside should be taken place. That will be a decision zone. Either it goes for a bigger correction to correct the head and shoulders pattern explained above to retest the support area of $8327.4 or it takes the orange line. Without making a bigger pullback and rallying again.
Hope this helps.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Comment:
Here are 2 possibilities
on bitcoin
