Correctiong for Bitcoin has just started, we droped down around 30%, and now we are having next step of correction. On higher TF we stil have HG/HL which is good, the structure of the chart hasn`t been destroyed. But on lower TF we are bearish.
My point is to compare curent correction move with previous correction which occured in January. It took around 20 days...
All the information you need is on the chart.
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Will we see price rally up to our yellow highlighted key level?
Zooming out to the 8hr BTC/USD looks very good, still clearly on a bullish trajectory and the large volume on the lower trend line touch suggest the Bulls are still in control (for now)
There's still a chance for price to retrace lower but it seems less likely in the short term at least.
This is my personal view, analysis and theory based on XAUUSD .
I do think Gold will be long and go up to around 1900 area ( resistance area ) roughly 7400 pips up for grab.
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Trade at your own risk.
Looking for a buy opportunity for a trend continuation to the upside looking for Buys Only If The entry is right. MARKED everything on chart.
Good RR on this trade if the opportunity presence itself. Might even look for Early Entries But this a safe trade Stops Below Structure and add Your spreads. Check ATR for Good Stop Losses.