Bitcoin rally yesterday could be a lower degree wave ii (not labelled here) within the overall corrective phase that had begun from 10500 levels earlier. The crypto has found resistance just above the fibonacci 0.618 retracement of the drop between 9800 and 8800 earlier, around 9425 levels. Ideally, a bearish reversal is expected to turn prices lower below 8800 mark at least. The ideal support zone for the corrective drop to terminate is seen around 6300/6400, which is fibonacci 0.618 retracement of the rally between 3850 and 10500. If the above interpretation is correct, Bitcoin should stay below 9800.
Strategy:
Short against 10500, targeting 6300/6400.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 10500, targeting 6300/6400.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.