Bitcoin might have completed its lower degree impulse wave between 3850 and 10400/500 levels. High probability remains that it has temporarily turned lower towards 6200 levels, before the rally could resume further. Interim resistance remains around 10400/500, while support comes in around 8100 levels respectively. Please note that the expected drop should be in 3 waves, hence corrective and prices should ideally stay above 3850 support. The fibonacci 0.618 retracement comes around 6200 levels and high probability remains for the corrective drop to find support there. The overall structure remains constructive for bulls until Bitcoin stays above 3850 handle and it is expected to rally towards 13800 levels respectively.
Strategy:
Short term bearish towards 6200/6500
Long term bullish 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:
Short term bearish towards 6200/6500
Long term bullish 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.