Everyone expects a retest and break of 20K right now. But the way I see it, unable to break the 20K again after the previous retrace, BTC needs a shake off to gain the essential bullish momentum on the next rally. So I expect a retrace to 17K where the EMA200 on 4H lies. I forgot to draw the lines on the chart but you can easily spot the bearish divergence on 1H. Plus, the huge CME gap is yet to close and it also lies somewhere around 16.9K. There are some good Fibonacci levels at the places I marked which played out reliably in similar scenarios in the past which I think are going to be the targets for our possible downward movement.
Let's see how it plays out.
Ciao!
Let's see how it plays out.
Ciao!
Trade active:
Target 1 acquired.
Trade closed: target reached