XBT Plan
The Bitcoin, here the Bitmex XBT contract, has been operating since June 4 in a feathered configuration. This type of figure generally indicates a downward consolidation. There are several things to say about XBT:
1) We note that the 23.6% Fibonacci retracement zone (traced from the low point reached in December) was worked on during this consolidation.
2) The 23.6% retracement of the last wave of decline (blue arrow) also served as support and resistance inside this flag. This level is currently used as a support.
How to take advantage of the situation?
A) If the 23.6% (~$7,830) breaks downward, a short position may be opened in order to aim for a return to the $7,690, which corresponds to the 23.6% medium term.
B) If the $7,690 breaks, the next downward targets will be the oblique support at first and the $6,800 zone, materialized by the 38.2% of Fibonacci then.
Be careful with leveraged positions!
The Bitcoin, here the Bitmex XBT contract, has been operating since June 4 in a feathered configuration. This type of figure generally indicates a downward consolidation. There are several things to say about XBT:
1) We note that the 23.6% Fibonacci retracement zone (traced from the low point reached in December) was worked on during this consolidation.
2) The 23.6% retracement of the last wave of decline (blue arrow) also served as support and resistance inside this flag. This level is currently used as a support.
How to take advantage of the situation?
A) If the 23.6% (~$7,830) breaks downward, a short position may be opened in order to aim for a return to the $7,690, which corresponds to the 23.6% medium term.
B) If the $7,690 breaks, the next downward targets will be the oblique support at first and the $6,800 zone, materialized by the 38.2% of Fibonacci then.
Be careful with leveraged positions!