Yesterday I gave you the only one scenario when we can see the growth. But this scenario was not confirmed. Ok, we earned profit on the growth from $36300 to $44500, after that there was a -0.5% stop loss local trade, and one local zero loss trade. Now it’s time to wait for the signal. I want to remind you that there was the short signal on the $44500 but I was scared to use it, well it’s a nice lesson that we don’t need to miss trades because of emotions.
So, what is next? The local uptrend which started at $33000 was not finished yet. Only the 0.618 Fib level for the last impulse breakdown will finish this uptrend. 0.618 is at the $37900. If this level is going to be hold, the positive scenario with the grow to $50000 is going to play out.
In case of breakdown, let’s take a look at the chart below.
If we build the Fibonacci retracement for the last downside impulse we can see that the price bounced to the downside exactly from the 0.38 Fib level. This is an extremely strong bearish sign for me. It means for me that the price will go down below $30000 before the grow to $50000. The most conservative target for this bear market is the Zone 27 = ($24000 – $27000). I think that this price target is guaranteed! Be very careful now, don’t buy crypto without the long setup.