👾what I can write about Bitcoin?
(In this post I want to talk with you about the short-term future of BTC. It is not a trading recommendation)
I would like to start with the following statement: If you don't have any position now - don't open one, right now we have the very uncertain situation on the market. There are two scenarios of the further development:
The first scenario: correction and the growth.
We had already described this option in the previous post four days ago, but now I want to look at the situation in detail. There are two points that can be considered as the bottom of the correction:
1.1 - ±6300$. There are several indicators which organise the support: Fibo level 0.5, Ichimoku cloud and profile volume. From this level we can catch a rebound and go up, but there is a chance that this level won't be enough for deleting LONG positions. (by the way, there are 60% longs and 40% shorts positions).
1.2 - ±6100$. At this level we also have strong support: Fibo level 0.61 and profile volumes. At this point, we probably will be able to liquidate the huge part of LONG positions and fly up. At this level we will also have an opporunity to trade the bare area 6120-6320$The second scenario: instant growth.
This option seems less likely for me, but we always have an opportunity to catch an unexpected move. This is why I told you not to open any position now, too dangerous moment.
I will update this chart as new info comes up for my followers.
The information provided by @arjunsingh is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs.
