Bitcoin tends to move in a ABC fashion, even on multiple scales and sub waves
Bitcoin also tends to magnet towards critical support/resistance prices (trend lines/EMA/Fiblevels/wedges/triangles) etc
For example this triangle that has formed over the past few days bitcoin is consistently testing the tops and bottom of it with subwaves going ABC
Since BTC has as not passed the 38.2% fib level in quite a few days now that we have been here I consider this to be quite a bullish sign however I don't see a move to the upside without another test of this fib level level as this would complete the corrective wave of the move down ABC and form a double bottom (see chart - $7063)
It is possible that BTC will break this fib level level, if it does break it AND move to the 50% fib I would consider this quite bearish
I think what is more likely though is that it will only briefly break or bounce this level then a move back up
So to conclude my trade strategy is short current price to 7050~ wait for a hard bounce or fake out and long from ~7050 to a undetermined price for a few days
Bitcoin also tends to magnet towards critical support/resistance prices (trend lines/EMA/Fiblevels/wedges/triangles) etc
For example this triangle that has formed over the past few days bitcoin is consistently testing the tops and bottom of it with subwaves going ABC
Since BTC has as not passed the 38.2% fib level in quite a few days now that we have been here I consider this to be quite a bullish sign however I don't see a move to the upside without another test of this fib level level as this would complete the corrective wave of the move down ABC and form a double bottom (see chart - $7063)
It is possible that BTC will break this fib level level, if it does break it AND move to the 50% fib I would consider this quite bearish
I think what is more likely though is that it will only briefly break or bounce this level then a move back up
So to conclude my trade strategy is short current price to 7050~ wait for a hard bounce or fake out and long from ~7050 to a undetermined price for a few days