BTCUSD (4h): Correction ends at around 9000 or 8000 USD.

Now we have a clear picture where the correction could end. On the one hand in the range from 9500 to 8900. If this range is not strong enough, on the other hand the lowest point is at 8200.

Explanation:

Depending on how we draw the fibs we come to a similar result. The Fib 0.5 from the start of the uptrend is around 8500. Bitcoin often goes back to 0.5. Currently it looks as if Fib 0.5 is valid. If the Fibs are set a little higher, we end up with a decrease to 0.618. This is also very valid for shorter time frames. Both values match. This makes it double valid.

If this point does not give enough support, we end up at Fib 0.786, around 8200. Here is also the yearly pivot. These two values are therefore also double valid.

I currently assume around 9000. Since this value is also exactly in the trend channel and would thus create a bull flag. This is also typical for Bitcoin in a general bull trend. And it hits the daily EMA 100. (Blue line = daily EMA 8. Black line = daily EMA 20. Red line = daily EMA 50. Purple line = daily EMA 100.)


Let's see what happens. Happy trading. :-)


Daily:

Commentaire:

chart update: target still valid

Commentaire:

target at 9000 reached. strong support! up could be expected.

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Trade fermée: cible de profit atteinte