BTC/USDT - Wait for correction to end and find support

27 Kas 2020

The bull momentum in BTC has shifted after nearly touching ATH level (1% below it). This is not surprising as it was unlikely we will pass ATH at the first try. See past experiences.

Before we can get another try at ATH, we need to correct and find support. We are currently testing the 78.6% Fib level as support at 16k which is likely to break and we go lower. 14k is a key level with a high probability to stop the correction and push us up again. Historically, BTC turned back to bullish mode after 30% corrections in a bull trend.

A break under 13.5k will push us lower and may signal a longer correction is due. Therefore, we need to be patient and see the price action at the key 14k level before we can have a confident approach for the next steps in BTC price.

Until the correction is over, the bias is bearish and you can aim to short BTC with a target at 14k. For that wait for the price to get under 16k and retest Fib 78.6% level as resistance and short the next wave down.

Long term, BTC is extremely bullish, so look for longs once BTC finds support.