looking at the chart of bitcoin i can see it makes a lot of sense to come down to 8400 to 8500 level. because of several reasons.
CME futures gap. we have a gap at 8715 level ( i will post a chart later on this idea ) to fill this gap bitcoin should come down to test 8500 level.
8500 is the 61.8% retracement of the large 40% move on bitcoin. (big fib i drew)
8387 is the level when this possible zig-zag correction from 10.3k whould have a A to C ratio of 1. in other words i think this price decrease is a correction and it will end at the level in which wave C equals wave A.
always have a stop loss.
do a limit order and put the stop loss and take profit as i show you.
CME futures gap. we have a gap at 8715 level ( i will post a chart later on this idea ) to fill this gap bitcoin should come down to test 8500 level.
8500 is the 61.8% retracement of the large 40% move on bitcoin. (big fib i drew)
8387 is the level when this possible zig-zag correction from 10.3k whould have a A to C ratio of 1. in other words i think this price decrease is a correction and it will end at the level in which wave C equals wave A.
always have a stop loss.
do a limit order and put the stop loss and take profit as i show you.
Note
Note
i think btc dump to 8500 will bring all altcoin to significant lower levels. based on historical analysis. so consider a selling setup on you alt then buy back lower.
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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.