Bitcoin is in a corrective phase since 10500 resistance was almost taken out by bulls on June 01, 2020. The crypto is correcting lower towards 6300, before turning bullish again. The previous rally between 3850 and 10500 could be marked as a lower degree Wave 1 (not labelled here). Bitcoin might be carving a corrective Wave 2, before resuming Wave 3 rally towards 13800 levels. Also, the fibonacci 0.618 retracement of Wave 1 is seen towards 6300/6400; a typical guideline for Wave 2 termination. If the above holds well, Bitcoin prices will find support around 6300/6400 and resume higher towards 13800, going forward. Overall structure remains bullish against 3850 lows as Bitcoin is unfolding a higher degree Wave ((5)) since 3122 in December 2018.
Strategy:
Long against 3850, targeting above 13800.
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 against 3850, targeting above 13800.
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.