Short BTC Update 7 AM UTC -Correction with a BouncesteemCreated with Sketch.

in #bitcoin7 years ago

Summary

I always advise caution before any trade, but now more then usual. We're on unsteady territory, always ladder your buys/sells, never go all in!

BTC price when posting: $8,452k
Long term scenario(over 6 months) - Bullish (over $30k)
Short term scenario(1-2 days) - Neutral
Medium term: Bearish

Analysis starts right after the powerful spikes we had on 18th and 19th which is now correcting with a normal ABC (in white) before bouncing to at least 9.1k. For this bounce i'm not assuming a 1:1 extension as there is major resistance (blue line) which i'm not convinced we're going to break without another correction.

At this point i'm assuming C to correct to at least the 0.382 Fib ( around 7,900 - 8200 )before bouncing up.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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For future viewers: price of bitcoin at the moment of posting is 8480.20USD

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