BTC - Possible short term outcome
What I am outlining here is a possible (and what I would consider an ideal) retracement for Bitcoin. We all know BTC doesn't follow the rules and FOMO sparks acceleration so this may not play out, so trade cautiously.
You can see bitcoin broke out of consolidation on 10/21/20 and has been trading inside a broadening wedge since. Since $10,500 we have not seen a retrace of any significance.
At this point, BTC is very close to an ATH retest and I don't see any real resistance until that point.
Look for BTC to attempt and likely fail it's first charge back to ATH. I could see this as a very volatile point, likely pushing the asset back to it's previous breakout point near $12,550. This breakout point is a very important zone for BTC as it is a perfect 0.786 fib retracement and also a zone that technically should be retested.
If there is retest of $12,550, I expect a long wick as bulls have very strong momentum currently. Finding support at this level should help accelerate BTC to retest and likely overcome it's previous ATH.
**This is not a recommendation to take a short position. Shorting BTC with this amplitude of momentum is extremely risky. I am looking at this buy zone to accumulate.**
Good luck.
You can see bitcoin broke out of consolidation on 10/21/20 and has been trading inside a broadening wedge since. Since $10,500 we have not seen a retrace of any significance.
At this point, BTC is very close to an ATH retest and I don't see any real resistance until that point.
Look for BTC to attempt and likely fail it's first charge back to ATH. I could see this as a very volatile point, likely pushing the asset back to it's previous breakout point near $12,550. This breakout point is a very important zone for BTC as it is a perfect 0.786 fib retracement and also a zone that technically should be retested.
If there is retest of $12,550, I expect a long wick as bulls have very strong momentum currently. Finding support at this level should help accelerate BTC to retest and likely overcome it's previous ATH.
**This is not a recommendation to take a short position. Shorting BTC with this amplitude of momentum is extremely risky. I am looking at this buy zone to accumulate.**
Good luck.
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