BitcoinUpdated USDBTC - Back to $6k
Short term bad news for the bulls, it looks like we are heading for a retrace back to $6000. IF we stop at $6000 or $7250, medium term this will help establish a bottom or higher low and could move to a more aggressive bounce bull trend. My plan is to wait for this pull back to go a bit further, probably to the 1HR 50EMA ($8200) but maybe the 4HR ($8300). I'll then sell what I have gone long since the bounce plus a little more. The retrace may stop at the support at around 0.382 of the last leg ($7250), so I will watch for a bounce there. I'll look to buy back on a reversal at the $6000.
Note
4HR 50EMA rejected on first attempt. I want to see it try once more before I sell.Note
Second attempt coming....Note
I didnt take the short trade. Whilst 6k is not off the cards, is has become less likely. I've outlined why I think this here:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.