Yesterday I made the global overview on the Bitcoin and we supposed that it is in the distribution phase and the markdown stage has started because of impulse breakdown of the trendline on the increased volume. Today we are going to talk about local potential long trade.
Let’s take a look at the BTC chart of the WhiteBit exchange. If we use the Fibonacci levels for the last downside impulse, we can notice that the price got a rejection exactly from Fibonacci 0.5 level and now it is moving down t0 -0.61 ($33000) level, which is the final target of the short traders. We can also see that approximately at the $33k the huge liquidity area is located. When the price will approach this level the potential bullish divergence with the MACD histogram is going to plays out. There could be the nice opportunity to execute the long trade and wait at least the trendline retest. Let’s see.