BTC at Critical Fib Point - Correction w/ Bullish Opportunities
Fibonacci Retracement Levels: We constructed Bitcoin trace out 0.5 Fibonacci zone from the peak to bottom and from bottom to peak of each cycle. Currently, BTC hovers around the mid-range of these levels, a zone that historically acts as a pivotal point for price action each time.
Market Positioning: While short-term analysis may suggest an incoming correction from a whole year run, this midpoint should become a solid ground for long-term position building. In my opinion, this is a good chance to form good long positions without an attempt to catch a market bottom. Here, we are waiting for a bullish trend approval, confirmation of a trend. For some people this kind of strategy may be better rather than trying to catch a pivot point.
Oscillator Indicator: My preferred oscillator has just flashed a reversal signal. Although this is promising, I am on the lookout for further confirmation to capitalize on what may be more favorable conditions on the horizon, lower timeframes may suggest a better picture.
Additionally, I should mention a similarity with 2016, both Fib zones and oscillator were showing similar behavior.
Retracements in %:
Market Positioning: While short-term analysis may suggest an incoming correction from a whole year run, this midpoint should become a solid ground for long-term position building. In my opinion, this is a good chance to form good long positions without an attempt to catch a market bottom. Here, we are waiting for a bullish trend approval, confirmation of a trend. For some people this kind of strategy may be better rather than trying to catch a pivot point.
Oscillator Indicator: My preferred oscillator has just flashed a reversal signal. Although this is promising, I am on the lookout for further confirmation to capitalize on what may be more favorable conditions on the horizon, lower timeframes may suggest a better picture.
Additionally, I should mention a similarity with 2016, both Fib zones and oscillator were showing similar behavior.
Retracements in %: