Bitcoin – this pump can end earlier!
Hello, everyone!
I am still holding my long trade but closed 50% because I suppose that this price growth can end even earlier than I said earlier.
The BTC showed the selling reaction even on 0.38 Fibonacci level. It is the level of minimal correction for the current downside impulse. If the price wants to grow to 0.61 Fibonacci levels the 0.38 should be broken easily. Thus we have the danger of the red scenario (1) for the Bitcoin in case if we will see the consolidation under 0.38 Fibonacci level. In this case I suppose we will see another one short squeeze to the upside with the bearish divergence with the MACD and dump to the new low after that.
The positive scenario is the green one (2). We should see the impulse breakout of 0.38 Fibonacci level and test of golden pocket and countertrend line. I closed 50% of long position, the rest part will be closed at $44000.
Good luck!
DISCLAMER: This is not a financial advice, do you own study before making a decision on the real market. If you decided to follow the idea in this article, please restrict your risk to 0.5%-1% of your entire deposit.
I am still holding my long trade but closed 50% because I suppose that this price growth can end even earlier than I said earlier.
The BTC showed the selling reaction even on 0.38 Fibonacci level. It is the level of minimal correction for the current downside impulse. If the price wants to grow to 0.61 Fibonacci levels the 0.38 should be broken easily. Thus we have the danger of the red scenario (1) for the Bitcoin in case if we will see the consolidation under 0.38 Fibonacci level. In this case I suppose we will see another one short squeeze to the upside with the bearish divergence with the MACD and dump to the new low after that.
The positive scenario is the green one (2). We should see the impulse breakout of 0.38 Fibonacci level and test of golden pocket and countertrend line. I closed 50% of long position, the rest part will be closed at $44000.
Good luck!
DISCLAMER: This is not a financial advice, do you own study before making a decision on the real market. If you decided to follow the idea in this article, please restrict your risk to 0.5%-1% of your entire deposit.
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