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BITCOIN Correction Hasn't Reached a Bargain Zone.
Bitcoin rally that started on Dec 18th, 2019 low to as high as $10505 seems to be unfolded as a leading diagonal structure. The advance broke a key corrective channel and some weekly resistance levels.
The current plunge from Feb 13 high which is currently visible as zigzag is too shallow to correct the entire rally, hence a deeper correction is plausible.
I'm anticipating the correction to continue and unfold as a double zigzag and retest a key weekly support level around $8250.
Buying at the current market price for investment purposes is not ideal. Wait for a deeper correction.
A break below the blue line around $9560 level will confirm a swing short trade opportunity for traders.
What's your view on Bitcoin?
The current plunge from Feb 13 high which is currently visible as zigzag is too shallow to correct the entire rally, hence a deeper correction is plausible.
I'm anticipating the correction to continue and unfold as a double zigzag and retest a key weekly support level around $8250.
Buying at the current market price for investment purposes is not ideal. Wait for a deeper correction.
A break below the blue line around $9560 level will confirm a swing short trade opportunity for traders.
What's your view on Bitcoin?
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