BTCUSD CMP 71560
The rally from support has been very feeble. Its definitely corrective. What this means is the correction is still not over.
Fib- the rally to 76400 is just 38.2% of the current swing. This means the trend is still very weak.
Volume- I missed the volume last time around. The high rise in the volume is an indication that the bottom is still not in place.
Conclusion- the correction is likely to resume. The minimum correction from here is 56K. Hence will advice to exit the longs in crypto.
The rally from support has been very feeble. Its definitely corrective. What this means is the correction is still not over.
Fib- the rally to 76400 is just 38.2% of the current swing. This means the trend is still very weak.
Volume- I missed the volume last time around. The high rise in the volume is an indication that the bottom is still not in place.
Conclusion- the correction is likely to resume. The minimum correction from here is 56K. Hence will advice to exit the longs in crypto.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.