BTCUSD has broken through key support level of $9,000 and consolidation zone. This signals a reversal in momentum in the short term and can expect further downside.
After recovering from multi-month lows, we can assume for now this pull back is a result of profit taking. The question now is: "How far will Bitcoin pullback?"
The next consolidation zone is near the $8,200 level which coincides with the 50% Fibonacci retracement level that could offer support.
A break of this zone would expose further lows towards the $7,000 level that coincides with the next consolidation zone and the 76% Fibonacci retracement level. Should price get this far down, it would be a great opportunity to get long, but based on the slow nature of the sell off so far, it seems this is merely a correction only and the medium term outlook is still bullish.
While there is an opportunity to possibly short BTCUSD, for me, there is no high probability trade set up with a favorable R/R ratio. Preserve your capital and get the popcorn out.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
After recovering from multi-month lows, we can assume for now this pull back is a result of profit taking. The question now is: "How far will Bitcoin pullback?"
The next consolidation zone is near the $8,200 level which coincides with the 50% Fibonacci retracement level that could offer support.
A break of this zone would expose further lows towards the $7,000 level that coincides with the next consolidation zone and the 76% Fibonacci retracement level. Should price get this far down, it would be a great opportunity to get long, but based on the slow nature of the sell off so far, it seems this is merely a correction only and the medium term outlook is still bullish.
While there is an opportunity to possibly short BTCUSD, for me, there is no high probability trade set up with a favorable R/R ratio. Preserve your capital and get the popcorn out.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.