BTCUSD → A logical correction of the ABC. Mid-term - Long ↑
Updated
BTCUSD surprised everyone by the fact that the cryptocurrency has already fallen from the high of 31000 to 27700. But you must understand that the price can't go up all the time. Let's find out what's going on!
Any market after rally goes into consolidation phases, which allow the price to rest, collect the necessary liquidity and energy for further movement. Bitcoin at the moment looks good enough to form a correction and then return to resistance for a possible retest.
We see the initial phase of forming a technical pullback (correction). The target levels for this maneuver can be the support levels: 0.382 Fibo (26655) and 0.5 Fibo (25300). At the moment I am waiting for the continuation of the falling down to those levels, but in the mid- and long-term perspective I think that the price will continue growing.
There is no need to panic, because since the beginning of the strong no-holds-barred rally, the price has passed 58%. That's a lot and it's logical to watch what is there now.
Strong support: 26655 (0.382 Fibo) False-break strategy; 25302 (0.5 Fibo) False-break strategy.
Strong resistance: 28329 (0.236 fibo) Breakout strategy; 30570 Breakout strategy.
I expect a slight continuation of the fall to the key Fibo levels in the formation of the correction ABC. But in the medium and long term, I expect continuation of growth to 30000, 32376.
Regards R. Linda!
Any market after rally goes into consolidation phases, which allow the price to rest, collect the necessary liquidity and energy for further movement. Bitcoin at the moment looks good enough to form a correction and then return to resistance for a possible retest.
We see the initial phase of forming a technical pullback (correction). The target levels for this maneuver can be the support levels: 0.382 Fibo (26655) and 0.5 Fibo (25300). At the moment I am waiting for the continuation of the falling down to those levels, but in the mid- and long-term perspective I think that the price will continue growing.
There is no need to panic, because since the beginning of the strong no-holds-barred rally, the price has passed 58%. That's a lot and it's logical to watch what is there now.
Strong support: 26655 (0.382 Fibo) False-break strategy; 25302 (0.5 Fibo) False-break strategy.
Strong resistance: 28329 (0.236 fibo) Breakout strategy; 30570 Breakout strategy.
I expect a slight continuation of the fall to the key Fibo levels in the formation of the correction ABC. But in the medium and long term, I expect continuation of growth to 30000, 32376.
Regards R. Linda!
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