The Cryptocurrency market is currently looking for a direction to upside. The whole market is in correlation with bitcoin price action, so the Bitcoin Price action is the most important factor for growth of overall market. Few low cap altcoins have given good vibes last week by doing massive gains, which could be an early sign of short term bull run.
We are using Elliott Wave theory, Fundaments and Fibonacci retracement to derive price action for BTC/USD.
BTC/USD
BTC/USD Price Action(CoinBase)
Fundamentals:
The SEC will give an final update on Bitcoin ETF Decision on 27th February, We would see a short term price in February action ahead of the decision.
Elliot Wave Structure + FIB Levels:
Each Large Wave is divided into 5 Waves(1,2,3,4,5) and Three corrective waves(A
Trade Signal
We are looking to open LONG position at around FIB LEVEL (0.236 – 0.382 ).
Entry Zone: 3300-3350$- 3400$ (Coinbase Price)
Exit: 3800$ – 4200 $- 4500$
Stop: 3050$
Time Frame: 2-4 Weeks
Good Read Trade Recommendation: EOS/BTC
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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