Bitcoin is the big thing everybody keep an eye on we 99% of the traders getting involved with looking for retracements to buy as it looks like the king of cryptos has no roof. Fundamentals play a massive role but we cannot escape of technical analysis when taking our decisions. Looking at the 240min chart of bitcoin we may see that price was rejected when tested the long term uptrend represent by the upsloping trendline. At the same level we have the 50% fib retracement of previous uptrend adding more weight to the support zone.
In case price retests the trend I consider going long aiming for the 1.27 extention of previous uptrend at around $23,000. After that most likely we shall see a massive correction where we will look for the next buy opportunity.
I would love to see what do you think short-term/long-term about bitcoin..! Post a comment to have the conversation going..!
All the best, John
交易進行
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評論
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It looks like buyers take action. In case we see price reaching the first target during the day, moving stops to BE before futures launch, is a good idea
Daily RSI shows were in for a long road down, don't forget futures launches tomorrow night, expect a bull trap then massive shorts to come in
Fxprotrader
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@BugattiBoy7, Thanks for sharing
AKM777
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@Fxprotrader, No problem sorry if it wasn't what you wanted to hear
Fxprotrader
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@BugattiBoy7, No worries at all :)
patelcrypto
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According to Elliot wave count, projected correction should be around $2,400 and then a strong impulse wave should be expected. Lets see but can't open trade as it may be a potential bull trap. Strong resistance at $13,500 for now.
patelcrypto
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Sorry I meant correction overnight should be at *$12,400.