Dear Traders, This is just a quick update on my previous and recent analysis on Bitcoin. This is not meant to cause confusion, rather just to shed more light on this instrument. My whole bias is bullish on BTC. It is just a matter of me finding that close to perfection kind of entry to go with the flow.
Please consider my analysis very careful before making any decision to go with it. I am not perfect.
Point H is the recent High on BTC. Whereas point L is our Low. Recently BTC broke above the psychological level 40000. We do not want to conclude that bulls are fully in control from here. We can still keep in mind that the price can still be manipulated to shake off some traders.
Now here are my levels of interest:
If H is violated to the top successfully, I will go in for a long at around 424.
If H fails to be broken, we can expect a decline to either 50 Fib Level or 61.8 fib Level.
A is my 50 Fib level from point L to H.
B is my 61.8 Fib level from point L to H.
In conclusion only if H gets violated to the top, for the fact that I am considering the small bull flag on SMT, otherwise we can watch BTC at A and B if it falls for a long ride.
Good Luck!!!
Please consider my analysis very careful before making any decision to go with it. I am not perfect.
Point H is the recent High on BTC. Whereas point L is our Low. Recently BTC broke above the psychological level 40000. We do not want to conclude that bulls are fully in control from here. We can still keep in mind that the price can still be manipulated to shake off some traders.
Now here are my levels of interest:
If H is violated to the top successfully, I will go in for a long at around 424.
If H fails to be broken, we can expect a decline to either 50 Fib Level or 61.8 fib Level.
A is my 50 Fib level from point L to H.
B is my 61.8 Fib level from point L to H.
In conclusion only if H gets violated to the top, for the fact that I am considering the small bull flag on SMT, otherwise we can watch BTC at A and B if it falls for a long ride.
Good Luck!!!
