We were expecting an entire correction of the previous move. The last retracement was at the first level 50% that BTC could have continued in its trend. The thing is there have not been enough bulls at this level. So price returns to a deeper retracement to collect more Bulls. This level is the 0.382. The deeper the correction the more chance we have of the trend continuing. The next or deeper level 0.382 is what I am looking at for taking a position long. I will expect the Bulls to waiting here - coincidentally t level overlaps with Support and a 127% fib level of the smaller corrective wave).
We can then predict after a bullish move that price will correct to the 50% or in this case the 382% Fib level of the move before finding more Bulls to continue the LONG trend. A retracement/correction to the 50% level on a Daily time frame is 'mean reversion' and happens in most cases whether you are trading a commodity or an index. Sometimes price corrects to a deeper level decreasing the risk and finding more buyers- bigger discount more demand. To buy into this trend anticipate where the Bulls will be - level and this may push price through the last high to higher high-Price action. This may be the last decent correction we see on BTC for a while as I am expecting some Inst and Hedges to have limits set at this level as this is what they wait for.
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As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.