The short answer is NO! Why? The rally is already overextended and we have yet to see $10k being flipped into support. Why is that important? The price of $10k corresponds to the 61.8% Fibonacci retracement level. For us to have a plausible bullish setup, we need to see a break and close above that level on the daily and then for BTCUSD to turn it into a strong support. If that happens and we see the price finding support on a valid trend line in addition to the horizontal support, that would be our cue to be bullish on the market with tight risk management as the rally is already overextended and there is not much upside to expect even under the bullish case.
LEARNING NEVER STOPS.
If you found this analysis useful, please like it and share it with others so they can benefit from it too.
Leave your thoughts and suggestions below and follow me for more ideas and posts. Good luck! :')
LEARNING NEVER STOPS.
If you found this analysis useful, please like it and share it with others so they can benefit from it too.
Leave your thoughts and suggestions below and follow me for more ideas and posts. Good luck! :')