$IBIT March 18, 2024

IBIT March 18, 2024

60 Minutes

Looks like HL, HH pattern is broken.
Also IBIT too far from moving averages.
At the moment below 9,21 and 50 averages in 60 minute time frame.

I will consider 3 moves.

The rise from 28.91 to 41.99.
The rise from 34.03 to 41.99
The fall from 41.99 to 37.45

for the first rise IBIT has retraced 23.6 levels. So up trend is intact.

For the second rise IBIT has retraced 50% of the rise and needs to hold 36-37 levels to continue up trend.

For the fall from 41.99 to 38.45, it retraced to 40.32 which is around 61.8% retracement for the fall.

So buy is only above 42 levels.
Today must cross 41.3 levels to continue up trend. Else I will short around 40.5 levels.

I expect a consolidation this week between 36 to 41 levels so the moving averages can catch up.