as a trader we must think logically not emotionally everyone is screaming bullrun for bitcoin but that doesnt mean you cant take advantage of a trade oppportunity. i am bullish on bitcoin but we have moved quite a bit away from our trustee 200 day moving average. it would be nice to come back and bounce off of it. so let me explain. this market has proven itself to be very heavily algorithm driven and in my analysis you can see us approaching the 50% fib level on the way up and the golden zone right after. we must be careful going long here. its too risky because a sell off can happen very fast. you can be patient and buy the dip if you missed the run. i have shown what looks to be 5 elliot waves up and im expecting to see a 3 wave ABC correction preferably to the golden zone. if it turns around now that would have us retracing and testing the infamous $6,000 level.we could go as high as 16k and still pull back to 6k, although that seems unlikely that would be a 78.6% retracement. since most elliot wave 2's retrace to the 78.6 fib level that would be in play and still within the realm of possibility. we could also be developing daily rsi divergence.
the truth is until we break 20k a lot can happen here is a reasonable roadmap for you guys. happy trading! if you disagree please leave a comment explaining why, i like to learn from others, its a team effort. thanks!!!
ps we got a huge volume spike on the 4hr candle just now signalling a POSSIBLE top be careful bulls.
the truth is until we break 20k a lot can happen here is a reasonable roadmap for you guys. happy trading! if you disagree please leave a comment explaining why, i like to learn from others, its a team effort. thanks!!!
ps we got a huge volume spike on the 4hr candle just now signalling a POSSIBLE top be careful bulls.
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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.