Hello Traders,
Here we have a long bias on Bitcoin which has been reaching new lows. Personally, I find this approaching an ever CHEAPER price to buy in and hold for the upside. With the ending diagonal pattern and divergence showing the weaker momentum to the downside, I am personally viewing this as a good opportunity to buy. The consolidating behavior that we have towards the low shows us the presence of lots of transactions occurring which I believe may be a sign of smart investors accumulating their share of BTC. Furthermore, we have a visible ABC Regular flat correction that signals upside. Lastly the Fibonacci has hit the 786 retracement which is usually a strong area for reversal providing a good rr for our setup.
Trade with care!
Feel free to PM if you have any questions and join our group to learn more about our analysis methods.
Here we have a long bias on Bitcoin which has been reaching new lows. Personally, I find this approaching an ever CHEAPER price to buy in and hold for the upside. With the ending diagonal pattern and divergence showing the weaker momentum to the downside, I am personally viewing this as a good opportunity to buy. The consolidating behavior that we have towards the low shows us the presence of lots of transactions occurring which I believe may be a sign of smart investors accumulating their share of BTC. Furthermore, we have a visible ABC Regular flat correction that signals upside. Lastly the Fibonacci has hit the 786 retracement which is usually a strong area for reversal providing a good rr for our setup.
Trade with care!
Feel free to PM if you have any questions and join our group to learn more about our analysis methods.