BTCUSD - Bitcoin - Could it go to 5000? SHORT Trade Crypto

Hello all - DuncanForex here with another trade idea

With Bitcoin cycling lower - there are two options, the diagonal dynamic downwards resistance is broken, retested and then it heads higher. or - if you jump back to the weekly / monthly charts - its printed a lower high.

Now a Fibonacci extension would take bitcoin back to zero and into the negative - (which is not possible)

Therefore, i think there is real scope for it to go down to 5000.

If it cycles lower tomorrow on the 1hr / 4hr - i will be in a short trade

If it breaks the downwards trend line and retests it as new support - i will look to go long

Thanks for looking at my idea
Duncan

Commentaire:

hi all, with the downward trendline broken, I am looking for a retest and to go long - although with crypto - I am looking for a bullish continuation pattern on a low timeframe as it doesn't always retrace.

Transaction en cours:

Trade is still active, has finally moved back to the entry point, I will be watching this as we head to the end of the week