BTCUSD is correcting as predicted in previous ideas. See related ideas.
We have already touched the weekly RSI at 85 and start the correction at this point (yellow circle in the RSI). Now the BTCUSD price action is about to break the 0.236 fib level at 17.1K and the next targets to get partial profits are:
(1) The 0.382 fib level at around the BTC price $15.7K (partial profit to be taken).
(2) The 0.5 fib level at around the BTC price $14.6K (partial profit to be taken).
(3) The 0.618 fib level at around the BTC price $13.4K. (remaining profit to be taken).
The 0.618 fib level will also converge with the 21 weekly simple moving average if the price action gets to 13.4K. Therefore, it is unlikely we get below 13.4K as it will act as a strong support level. However, we could drop up to 12.5K which would be a good opportunity to open a long position.
Remember that this is only for training and informational purposes and it is non financial advice. Do your own research as now the crypto market is very volatile and risky. Remember to always use stop losses.
We have already touched the weekly RSI at 85 and start the correction at this point (yellow circle in the RSI). Now the BTCUSD price action is about to break the 0.236 fib level at 17.1K and the next targets to get partial profits are:
(1) The 0.382 fib level at around the BTC price $15.7K (partial profit to be taken).
(2) The 0.5 fib level at around the BTC price $14.6K (partial profit to be taken).
(3) The 0.618 fib level at around the BTC price $13.4K. (remaining profit to be taken).
The 0.618 fib level will also converge with the 21 weekly simple moving average if the price action gets to 13.4K. Therefore, it is unlikely we get below 13.4K as it will act as a strong support level. However, we could drop up to 12.5K which would be a good opportunity to open a long position.
Remember that this is only for training and informational purposes and it is non financial advice. Do your own research as now the crypto market is very volatile and risky. Remember to always use stop losses.
