04/06/2019/22:00CET
The back is breaking out of this rally today. How far will it go?

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BTCUSD Daily on Bitstamp

• I think we can now say we have a trend change ladies and gentlemen
• A nice break of the 21DEMA is now on
• The next moving average (50SMA) lines up in the realm of the 50% fib retracement or around the 6600-6800 range
• But I am looking to the 61.8% retracement as to where we are heading. This is our round 6k level. Strong RS level here.
• I've drawn the fib retracement here based on the April 2 breakout. An alternative would be to go back to our lows
  
• Based on this origin of the indicator, 50% retracement is now at 6100 range and 61.8% is at 5400 range
• I have read some analysis saying that intermediate rallys in BTC often retrace around the 40%. This is close to the 38.2% fib level
• This puts the floor of this correction either at 7200 for the first analysis or at 6840 for the second
• A lot of traders are looking at these levels with laser attention. This will be the big buy in I think
• Many have missed this first run. It has pretty much set us for the break of the bear from 2018
• Most will pile into it once they feel this correction has run its course.
• Fasten your seat belts ladies and gentlemen, the next burst of FOMO will be big.
  
  
  
  
  As always guys, leave comments, have fun and trade safe.

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Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.

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