Bitcoin – eyes on this level!

Hello, everyone!

My assumption about the another one local higher high is going to be completed. Bitcoin is looking very strong and it looks like short trades is going to be liquidated again, that’s why we are not in the short trade now.

We can see that the potential bearish divergence with MACD on the BTC chart is going to be very strong because the MACD line and MACD histogram demonstrate it. Moreover, the rising wedge is going to be broken very soon. The global 0.38 Fibonacci level (you can find it in my earlier overviews) is also here and we saw the multiple rejections from it. What can destroy this strongest bearish signal? The answer is rapid impulse to the upside. In this case the 0.38 Fibonacci breakout is going to be and our scenario will be invalidated. I suppose we can execute long trade in case of breakout with the target $50000, but this deal has the worse risk to reward ratio than potential short trade. My global thoughts about the market are the same – we are in bear market.

Please, remember that predictions means nothing – the risk management is our “holy grail”.

Good luck!

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