In our previous Bitcoin analysis, we identified 2 areas that Bitcoin could potentially bounce from; 40k and 30k.
We could be making one last move down before we reach one of those 2 areas. Price created a 3-3-5 bearish correction and made its way lower. We are now seeing a minor ABC correction and watching for that to break down. We have the 38.2 fibonacci and descending trendline which could be the rejection area for Bitcoin.
Trade Idea:
- Watch for the completion of the C wave and the next impulse down
- Enter on break of correction with stops above the recent highs
- Target 42500 - 40000 - maybe 30000 if there's enough bearish momentum.
Goodluck!
We could be making one last move down before we reach one of those 2 areas. Price created a 3-3-5 bearish correction and made its way lower. We are now seeing a minor ABC correction and watching for that to break down. We have the 38.2 fibonacci and descending trendline which could be the rejection area for Bitcoin.
Trade Idea:
- Watch for the completion of the C wave and the next impulse down
- Enter on break of correction with stops above the recent highs
- Target 42500 - 40000 - maybe 30000 if there's enough bearish momentum.
Goodluck!
