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18.02.2022: Forex Analysis & Reviews: Trading plan for Bitcoin for February 18, 2022
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外匯預測 05/02/2024:EUR/USD、USD/JPY 和黃金,Sebastian Seliga 撰文
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Technical outlook:

Bitcoin has dropped through $40,000 mark in-line with expectations as we have been discussing earlier. The crypto has completed its minimum expectations to complete the Gartley structure. Potential still remains for a drag through $38,000-500 mark before finding support and resuming its rally through $48,000-50,000 levels.

Bitcoin has reached the Fibonacci 0.382 retracement of its recent upswing between $33,000 and $46,000 levels as depicted here. A bullish reversal here remains possible and it is advisable to book profits on short positions initiated earlier. The Fibonacci 0.618 retracement is seen through $38,000-500 mark and high probability remains for a reversal if prices manage to reach there.

Bitcoin is expected to resume its rally toward $48,000-50,000 zone at least, to complete the proposed Head and Shoulder on the daily chart here. The Head is seen through $69,000, Left Shoulder through $51,000 and potential Right Shoulder towards $50,000 mark. If correct, Bitcoin should produce a sharp rally from here. Bottom line is $33,000 should hold going forward.

Trading plan:

Potential rally to $50,000, against $33,000.

Good luck!

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
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