Bitcoin- Still has upside power

22 Şub

Two days ago, I mentioned my expectation of a significant correction in BTCUSD, and I am considering selling in the 54,500-55,000 zone.
While my view on a strong correction in the medium term remains unchanged, the short-term outlook remains strongly bullish.

Upon examining the short-term chart, it's evident that Bitcoin is well supported by bulls above 50k, and both the weekend's drop and yesterday's decline were quickly bought.
Furthermore, the recent consolidation forms a rectangle, which typically indicates a continuation pattern.

In conclusion, in the short term, it's advisable to consider buying near the 51k zone.
Additionally, considering a stop-loss order below recent lows, we could potentially achieve a risk-to-reward ratio of more than 1:2 or even 1:3 depending on the target.