Wave 3 of the recent surge in Bitcoin 13.41% has been extremely strong, exceeding even the 1.618 Fibonacci Extension . However, we see a rising wedge , which is also a ending diagonal and the 5th sub-wave of wave 3. Also, the RSI is showing bearish divergence. All these factors point to a temporally correction. Remember, the price never goes up forever; there are always dips.
We can use these opportunities to buy or add to our position. With a 0.382 Fibonacci Retracement , we get a target of 14160. It will likely retrace to the 0.382 because wave 2 retraced to the 0.618 level. However, that is only a guideline and still has a small chance of retracing to 0.5 or 0.618 level. Our target is a 1 to 1 Extension of wave 1, which is 17200. Nonetheless, the price will likely go much higher; 17200 is our conservative target.
We can use these opportunities to buy or add to our position. With a 0.382 Fibonacci Retracement , we get a target of 14160. It will likely retrace to the 0.382 because wave 2 retraced to the 0.618 level. However, that is only a guideline and still has a small chance of retracing to 0.5 or 0.618 level. Our target is a 1 to 1 Extension of wave 1, which is 17200. Nonetheless, the price will likely go much higher; 17200 is our conservative target.
Not
It broke out of the rising wedge. The Pattern is no longer valid.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.