Bitcoin is consolidating around 9700/50 after reversing from sub 10500 levels last week. The crypto had dropped towards 9150 levels before pulling back higher again. It could be hitting a fibonacci retracement before reversing lower again. The rally between 3850 and 10500 looks to be in 5 waves, hence impulse. Ideally, we should witness a corrective drop (3 waves), before the next leg resumes higher towards 13800. The fibonacci 0.618 retracement of rally between 3850 and 10500 is seen towards 6370, which remains high probable reversal zone. Structurally, Bitcoin seems to have carved a lower degree Wave 1 around 10400/500, and is underway to terminate potential Wave 2 around 6200/6300 levels. A Wave 3 rally should exceed 13800, going forward.
Strategy:
Long against 3850, targeting above 13800.
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:
Long against 3850, targeting above 13800.
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.