BTC in much needed correction & possible buying zones
BTC is in massive correction. It was expected after great bullish run. I published short trade a while ago - I was a bit quick on that, I admit, but my target still remains the same. I see BTC under $10.000.
I marked some retracement points. We touched first one just below $13.000, marked at support line from 10 DEC low and exactly on 0.5 fib. retracement.
Fibonacci retracement is a very popular tool among technical traders and is based on the key numbers identified by mathematician Leonardo Fibonacci in the thirteenth century. However, Fibonacci's sequence of numbers is not as important as the mathematical relationships, expressed as ratios, between the numbers in the series. Fibonacci retracement is created by taking two extreme points (a major peak and trough) on a chart. This time I used 12 NOV low at $5,739 on 4h chart and a peak at $19,800. Supports and fib. numbers are aligned perfectly, showing us next possible resistance zones $12,800, $11,166, $6,700.
I marked some retracement points. We touched first one just below $13.000, marked at support line from 10 DEC low and exactly on 0.5 fib. retracement.
Fibonacci retracement is a very popular tool among technical traders and is based on the key numbers identified by mathematician Leonardo Fibonacci in the thirteenth century. However, Fibonacci's sequence of numbers is not as important as the mathematical relationships, expressed as ratios, between the numbers in the series. Fibonacci retracement is created by taking two extreme points (a major peak and trough) on a chart. This time I used 12 NOV low at $5,739 on 4h chart and a peak at $19,800. Supports and fib. numbers are aligned perfectly, showing us next possible resistance zones $12,800, $11,166, $6,700.