Bitcoin has dropped lower from 9250 highs yesterday and is seen to be trading around 9070 as we prepare to publish this update. The crypto has spent quite a few number of days in consolidation and might be finally preparing for a breakdown towards 6300/6400 zone. A drop below 8850 mark would see an acceleration as bears remain in complete control. The structure remains clear as Bitcoin has carved an impulse Wave 1 between 3850 and 10500 respectively. Since then, the crypto has been wanting to complete a potential flat corrective structure towards 6300/6400, the fibonacci 0.618 retracement of Wave 1. Once complete, Wave 3 rally could resume higher towards 13800.
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.