BTC, is History repeating itself?

23 de mar. de 2021

This similar pattern played out back in August of 2017. As we can see, BTC made a huge run and then top out with a bearish divergence on the daily chart. Following that, BTC retraced to the 618 and what followed was a parabolic run-up.



Currently, we are looking very similar to Sept 9th, 2017. There is a bearish divergence on the daily and weekly. If you can be honest and ask yourself, would you buy BTC at this level, or would you rather it goes on sale and buy it then? I don't think institutional investors are going to swoop in and buy bitcoin at this level because I wouldn't. What could play out next is BTC pulling back to the 50k region. If that support level breaks then we can see BTC hitting its .5 fib near 45k, then .618 fib near 41k.

My game plan is to short BTC when the 54k support level is broken and confirmed on the 4h candle. My target will be 49k. I would ladder my profit and close my short near 42k. I would monitor the situation at every fib level because I do think BTC could make an epic bounce and just burn all the bears. Trade with the momentum, and good luck.