Bitcoin soon to drop to $7000; any hope of rally afterwards?
The BTC rally to $10000 is clearly impulsive. It came at a time hopes started to diminish - when price was looking to rock below $6000. Trading BTC is looking less difficult as many seem. When price is in a bearish mood, selling the corrective rally is the ideal entry strategy. When price is bullish, buying the dip is the best bet for profits.
Price couldn't break above the $10000 but instead dropped massively. I think price should stay above $6200 if the drop is corrective. I have labelled the current drop as wave (a) which is expected to complete as an impulse wave. If this happens, the next trade opportunity I will be looking forward to is to sell wave (b) rally, if corrective and hold to $7000. If price drops massively below $6000, it will be all good (if I get a suitable entry). We will need more price data for wave (b) and (c) to know if BTC would rally again soon. What do you think?
Telegram channel: goo.gl/rtVtN6
Price couldn't break above the $10000 but instead dropped massively. I think price should stay above $6200 if the drop is corrective. I have labelled the current drop as wave (a) which is expected to complete as an impulse wave. If this happens, the next trade opportunity I will be looking forward to is to sell wave (b) rally, if corrective and hold to $7000. If price drops massively below $6000, it will be all good (if I get a suitable entry). We will need more price data for wave (b) and (c) to know if BTC would rally again soon. What do you think?
Telegram channel: goo.gl/rtVtN6
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