Trade: Short
Target 1: $37 600
Target 2: $30 000
Chinese regulator announced that all operations with crypto are prohibited on the Chinese territory. And we are not surprised that Bitcoin dropped right after! It looked like the market decided which way it would like to go a while ago and it was just waiting for the right trigger.
As you can see on the screen the price is testing the bottom line of the 3rd green channel, which is a projection of the 1st green channel Bitcoin has been moving into during this bull run. As soon as the price breaks out of 3rd channel, the local bear market begins.
The first target will be at $37 600, which is a crosspoint of 0.236 global Fibonacci level and the median line of the global (orange) channel. After the price reaches this target a tiny correction is expected, that's why you should close at least 1/3 of your position right there.
The second and the most ambitious target is $30 000, which is the bottom of the previous correction. According to the RSI and Volume indicators, we believe Bitcoin will reach this level pretty soon.
As soon as the price reaches these targets, we will make another crypto market overview!
Target 1: $37 600
Target 2: $30 000
Chinese regulator announced that all operations with crypto are prohibited on the Chinese territory. And we are not surprised that Bitcoin dropped right after! It looked like the market decided which way it would like to go a while ago and it was just waiting for the right trigger.
As you can see on the screen the price is testing the bottom line of the 3rd green channel, which is a projection of the 1st green channel Bitcoin has been moving into during this bull run. As soon as the price breaks out of 3rd channel, the local bear market begins.
The first target will be at $37 600, which is a crosspoint of 0.236 global Fibonacci level and the median line of the global (orange) channel. After the price reaches this target a tiny correction is expected, that's why you should close at least 1/3 of your position right there.
The second and the most ambitious target is $30 000, which is the bottom of the previous correction. According to the RSI and Volume indicators, we believe Bitcoin will reach this level pretty soon.
As soon as the price reaches these targets, we will make another crypto market overview!