SHORT BITCOIN
After the big fall on the 16th and 17th of Jan, Bitcoin recovered and tested previous support that became resistance at $13,000 and this level held. What followed was a big bearish engulfing pattern on the 21st of Jan indicating further downside ahead. First target is the long term 61.8% Fibonacci retracement at $8079. Due the nature of this market this level might not hold and a deeper fall is expected. Second target is 5k on the 78.6% Fib. Stop loss above 13k.
Trade closed: target reached
Whaaaat up!!!Note
Leaving some on the table for R5k
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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.