Bitcoin is preparing to drop lower towards 6370, which is fibonacci 0.618 support of the previous rally between 3850 and 10500 respectively. The rally from 3850 through 10500 was an impulse, Wave 1 on the chart. It should ideally be followed by a corrective drop a-b-c, Wave 2 on the chart. Thereafter we can expect a Wave 3 rally towards 10500 and 13800 levels to materialize. Bitcoin remains bullish against 3850 support over the long term but in the short term is is bearish against 10500 resistance. Overall Bitcoin is unfolding a larger degree Wave ((5)) and remains poised to push beyond 13800 levels, going forward.
Strategy:
Short against 10500, targeting 6300.
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:
Short against 10500, targeting 6300.
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.