BITCOIN - Next Daily Move Will Be Higher!? - GBTC Giving A Hint
Good evening Traders,
As most of crypto traders turn overall bearish, I think that bias could be wrong and bitcoin just takes off in the near future, after a correction lower.
Since bitcoin reached my inverse head and shoulders at 9865.5, it retraced more than -18.45%. At this stage, I am expecting more downside in short-term to follow as long as it stays below 8895.9 low to around the areas of 7643 zone. That is the 61.8% Fibonacci retracement from the move higher. That area will be the decision area for bitcoin.
It should continue its daily move higher like I have drawn in the chart. The reason why I turn bullish in that area is the Bitcoin investment trust in the second chart. It is currently in the process of a bullish wedge pattern, it can make another push lower, I don’t deny that before the next push higher can be seen. If GBTC confirms the bullish pattern guess what bitcoin will do. It will rally also. I have drawn also my alternative view in orange. Let’s see which one plays out.
Hope this helps.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourselves in case we are wrong. That is why we need to always use a stop-loss when
As most of crypto traders turn overall bearish, I think that bias could be wrong and bitcoin just takes off in the near future, after a correction lower.
Since bitcoin reached my inverse head and shoulders at 9865.5, it retraced more than -18.45%. At this stage, I am expecting more downside in short-term to follow as long as it stays below 8895.9 low to around the areas of 7643 zone. That is the 61.8% Fibonacci retracement from the move higher. That area will be the decision area for bitcoin.
It should continue its daily move higher like I have drawn in the chart. The reason why I turn bullish in that area is the Bitcoin investment trust in the second chart. It is currently in the process of a bullish wedge pattern, it can make another push lower, I don’t deny that before the next push higher can be seen. If GBTC confirms the bullish pattern guess what bitcoin will do. It will rally also. I have drawn also my alternative view in orange. Let’s see which one plays out.
Hope this helps.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourselves in case we are wrong. That is why we need to always use a stop-loss when
