Hi Traders!
Today, we look again at bitcoin, but in a shorter time frame. We see an essential zone that can decide on further developments.
On 17.12.19 we witnessed another "LOW".
We're currently in the channel and have completed waves A and B. At this point we're already in wave C and there's no doubt that bitcoin has started a new cycle. Each new cycle has at least 3 waves and therefore our conservative target is in the range of $ 10,853 - $ 11,486. At this level, there is resistance in the form of the trendline and 1:1 extension. This is where we would sell most of the position and wait for what happens next.
A bullish scenario would be a situation in which the zone is broken upwards for the first time. In such a case, a retracement purchase would be appropriate.
The bearish scenario is such that we cannot break through the zone and drop subsequently.
Basically, it's just how strong bitcoin is before halving. Before or at about the halving time, there's a high probability of decline as speculators will most likely sell. So this zone is a reasonable target where we would wait for the next steps.
May the crypto be with you!
Today, we look again at bitcoin, but in a shorter time frame. We see an essential zone that can decide on further developments.
On 17.12.19 we witnessed another "LOW".
We're currently in the channel and have completed waves A and B. At this point we're already in wave C and there's no doubt that bitcoin has started a new cycle. Each new cycle has at least 3 waves and therefore our conservative target is in the range of $ 10,853 - $ 11,486. At this level, there is resistance in the form of the trendline and 1:1 extension. This is where we would sell most of the position and wait for what happens next.
A bullish scenario would be a situation in which the zone is broken upwards for the first time. In such a case, a retracement purchase would be appropriate.
The bearish scenario is such that we cannot break through the zone and drop subsequently.
Basically, it's just how strong bitcoin is before halving. Before or at about the halving time, there's a high probability of decline as speculators will most likely sell. So this zone is a reasonable target where we would wait for the next steps.
May the crypto be with you!