In my BTC long term view current rebound is just a retracement of the bearish swing from 32k to 15k, so I expect a resume of the bearish main trend once the rebound is over with targets at least in (5k,8k) area (and maybe lower!).
Using Fibonacci levels, starting from the swing 32k-15k, the price area where the rebound will stop and reverse could be the range [24k,28k] .
I will watch the SPX price action and its correlation to BTC : if SPX bullish trend continues to 3300 area then BTC next level to watch is around 26k . I think that SPX max extension is 3600 area and in this case BTC will retest the 0.236 fibonacci level @ around 28k.
In case SPX index will not cross the last relative max value (around 4150) then BTC will is just reversing from 24k.
So according to this idea we could start accumulating short positions to BTC from current area (24k)
Using Fibonacci levels, starting from the swing 32k-15k, the price area where the rebound will stop and reverse could be the range [24k,28k] .
I will watch the SPX price action and its correlation to BTC : if SPX bullish trend continues to 3300 area then BTC next level to watch is around 26k . I think that SPX max extension is 3600 area and in this case BTC will retest the 0.236 fibonacci level @ around 28k.
In case SPX index will not cross the last relative max value (around 4150) then BTC will is just reversing from 24k.
So according to this idea we could start accumulating short positions to BTC from current area (24k)
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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.