Bitcoin continues to remain vulnerable to a corrective drop towards 6300/6400 levels until 10500 resistance remains intact. The crypto has been testing the 9300/50 zone after reversing lower from 9480 levels earlier. Another drop towards 6400 mark would be considered as normal since it is also the fibonacci 0.618 support of the previous rally between 3850 and 10500 levels respectively. The lower degree wave structure also indicates that Bitcoin might have carved Wave 1 of (3) around 10500 levels. A corrective drop towards 6300/6400 would terminate Wave 2 of (3), before resuming the 3rd of (3)rd wave rally towards 13800, going forward.
Strategy:
Short against 10500, targeting 6300/6400
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 6300/6400
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.