$BTC
Is the violent rebound of BTC by 20% just the beginning? The target is 75100, but this wave of pullback must be caught!
Currently, ETH has shown a daily bottom formation. Although BTC has not yet shown a daily bottom formation, it is also in a bullish engulfing pattern. Today at 8 AM, the closing price had no upper shadow at all, which is very strong and indicates a short-term phase bottom. First, we look for a daily rebound, and with this wave, BTC has dropped from 98000 to 59800, a drop of nearly 40 points. Based on the drop, I estimated last night that it would at least rebound by 20 points, and now it has risen to around 7.2, which is also about 20 points. It is currently under pressure at the weekly resistance level near 7.2 (Figure 1). The one-hour segment has fallen from 90600 to 59800. If we pull a Fibonacci retracement, we first look for this wave's one-hour segment to rebound to 0.5, which is around 75100.
According to the theory of trading, the current BTC one-hour level structure is complete, although it is a one-hour level without divergence. However, this segment has rebounded by about 20 points, and the strength is very strong. We still look for a rebound in the one-hour level segment first. For now, we patiently wait for the one-hour pullback to finish (Figure 2). We will then wait for a complete 10-minute structure + bottom divergence + 10-minute second buy, because the theory of trading only waits for structure + divergence (Figure 3). If we must give a bottom position, then wait for a pullback to the one-hour small track to buy in batches. If you are aggressive and want to buy at 0.382, then place a quarter of your position at the spot at the 0.5 level, and then add another quarter. For conservative traders, start buying from 0.5 and reduce one level to 0.618 (Figure 4).