After breaking the major downtrend line, Bitcoin went up and now making a pullback. The pullback is unfolding in a harmonic pattern. After the harmonic pattern is complete, breaking its right leg downtrend line can be a signal for the next minor uptrend wave; a signal for those who trade the swings. However, keep in mind that it seems Bitcoin is not going to show a clear direction soon and more horizontal patterns most probably happen. Albeit, when the RSI value dip below the 30 or the downtrend line in the RSI indicator window breaks, a different behavior could be seen from the market. So, it is necessary to monitor the markets’ behavior.
Nota
After the harmonic pattern ended, the minor uptrend wave has started. Then, the correction wave came down to Fib level 0.618. If this level holds true, the Fib extension can show us the possible area for the end of the next wave. It seems, most probably, that the current setup could be an A-B-C wave. After that, Based on current candles behavior we could see a somewhat strong downward wave; Unless Bitcoin breaks the 40k to 41k area with a strong move. So manage your stop loss and money management carefully.
Nota
Almost ready for takeoff. Waiting for the signal.Penerbitan berkaitan
Penafian
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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.