BitcoinUSD BITFINEX:BCUBTC Retraced from C that is 2.618 of AB . Is Correcting for possible Demand zones of 50% -61.8% fibonacci retracement of BC . But need to wait a while for clear reversal of this correction from 3000 $ Levels. As per Dow Theory , Trend is Intact , till there is a clear reversal .
As the interest in blockchain continuously grows more and more people getting interested in cryptocurrencies. Bitcoin is bound to hit all time high as it is basically the Apple of Cryptocurrencies.
Bitcoin after the market day out is again rising at a steady rate, People should start investing as soon as possible as soon it along with litecoin are gonna skyrocket....
Currently BitCoin has started to show up Signs that it might crash back to $1150 very soon. Their are couple of patterns in charts that i look for which are probably best for reversal indication and they are forming up in higher time frame charts of bitcoin. but there is more..
1- BitCoin Has recently broken above a long term curve at 1500, but there is very less...
BTC is on the verge of making a historic run breaking the 2000 USD psychological barrier with an expected high in the 2200 USD region before a consolidation back to the 1600 USD region. There is expected to be a huge influx of 'New Money' coming into the Crypto Sphere.
Its look great idea to invest in crypto currency.
I just done background research and its worth look at it once.
supports levels: 770 and 460
Resistance level 1140
After over a year of a bull run and 3 distinctive impulsive waves up
we may be at the top of the ABC correction with the A to B bull trap run at 1000
closed all longs at $1000 from $930 breakout
sitting in neutral position until weekly candle prints
above $1000 could mean more upside
below $1000 I would look for short opportunity and consider going all to fiat...
Bitcoin
CMP - 896
Here, I have drawn the important lines.
Now trade their support, break and retest.
Have a specific strategy of position sizing and stop loss which suits your trading plan.
Personal suggestion - After entering on a signal candle, exit the trade when 2 more candles are formed, the close of it, that is, 2 hours.
Thanks.
Long BTCUSD as prices have been consolidating after a significant fall, current mkt price is below the 20 day simple moving average, and a break of the 609.35 level can lead to somewhat of an upward move
