04/06/2019/22:00CET
The back is breaking out of this rally today. How far will it go?
BTCUSD Daily on Bitstamp
- I think we can now say we have a trend change ladies and gentlemen
- A nice break of the 21DEMA is now on
- The next moving average (50SMA) lines up in the realm of the 50% fib retracement or around the 6600-6800 range
- But I am looking to the 61.8% retracement as to where we are heading. This is our round 6k level. Strong RS level here.
- I've drawn the fib retracement here based on the April 2 breakout. An alternative would be to go back to our lows
- Based on this origin of the indicator, 50% retracement is now at 6100 range and 61.8% is at 5400 range
- I have read some analysis saying that intermediate rallys in BTC often retrace around the 40%. This is close to the 38.2% fib level
- This puts the floor of this correction either at 7200 for the first analysis or at 6840 for the second
- A lot of traders are looking at these levels with laser attention. This will be the big buy in I think
- Many have missed this first run. It has pretty much set us for the break of the bear from 2018
- Most will pile into it once they feel this correction has run its course.
- Fasten your seat belts ladies and gentlemen, the next burst of FOMO will be big.
As always guys, leave comments, have fun and trade safe.