Bitcoin – is the correction over?
Hello, everyone!
As you know I opened long position on BTC at $36300 and close it at $44500 when saw the incoming correction sign. Yesterday I opened the new long at the price $42200 as the short term trade, which can be switched to the mid term trade.
I decided that there are some evidence that the correction is over. For example the price found support at the 0.38 Fib for the last upside impulse. Moreover, the 26 days EMA is next to the current local low. I saw the true divergence at the 1h chart and decided to execute the risky long trade with the small stop-loss at the $41606. Now the price is forming something like the diamond pattern which have the equal probability to be broken to the up or downside. The upside target is $44100, downside – $40500.
To be honest, I feel that the price is going to go lower and correction is not finished, but I saw the long signal which in conjunction with the key levels gave me the evidences to open long trade.
Good luck!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
As you know I opened long position on BTC at $36300 and close it at $44500 when saw the incoming correction sign. Yesterday I opened the new long at the price $42200 as the short term trade, which can be switched to the mid term trade.
I decided that there are some evidence that the correction is over. For example the price found support at the 0.38 Fib for the last upside impulse. Moreover, the 26 days EMA is next to the current local low. I saw the true divergence at the 1h chart and decided to execute the risky long trade with the small stop-loss at the $41606. Now the price is forming something like the diamond pattern which have the equal probability to be broken to the up or downside. The upside target is $44100, downside – $40500.
To be honest, I feel that the price is going to go lower and correction is not finished, but I saw the long signal which in conjunction with the key levels gave me the evidences to open long trade.
Good luck!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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