XBTUSD possible correction target after bear market rally
BTC made a nice rally after being sold heavily down to 3100 levels. Once the uptrend was confirmed traders bought BTC en masse and quite a few short positions closed up on Bitfinex.
Now everybody is asking: is this the end of this short-term uptrend or does BTC have some more gas in the tank? After consolidating a few days
above the 0.5 fib retracement level the bulls didn't show enough interest in resuming the uptrend. Maybe they want to buy a bit lower. Now BTC is reaching key 0.618 fib retracement level. For the uptrend to continue BTC has to bounce from 3470-3550. Below 3435 the odds are greatly diminished.
I will set up limit buy orders between 3470-3550, half of initial position. I will add the rest upon confirming that this area acts as a strong support.
Good luck!
Now everybody is asking: is this the end of this short-term uptrend or does BTC have some more gas in the tank? After consolidating a few days
above the 0.5 fib retracement level the bulls didn't show enough interest in resuming the uptrend. Maybe they want to buy a bit lower. Now BTC is reaching key 0.618 fib retracement level. For the uptrend to continue BTC has to bounce from 3470-3550. Below 3435 the odds are greatly diminished.
I will set up limit buy orders between 3470-3550, half of initial position. I will add the rest upon confirming that this area acts as a strong support.
Good luck!
A similar fractal from June 2018