I am long trading this bounce, seeing a well defined r/r scenario - mostly on the 61.8% FIB...
On $BTC , #BITCOIN, i am looking for a bounce to 9985-10460 , perfect setup bounce off the 61.8FIB.R .
$ETH - #ETHEREUM Looking @ 1080-1160
$LTC - #LITECOIN 160, IFF we can get above 141.05 - 141.12
$XRP - #RIPPLE 1.2-1.42 IFF we can get above 1.05
I believe that BTC will soon be done. It has no benefit, compared to alts.
It is quite possible.
As the theme has changed repeatedly from "digital currency" to "digital gold" ..."store of value" , enthusiasm has dwindled.
It does, however, offer great trading opportunities with well defined r/r lvls.
You can also short via fut contracts & options, if so inclined.
While a drop to 5-6k is very possible off the parabolic breakdown, the capacity for a vicious rally back up is just as feasible.
61.8% fib.r has proven a great "scalp" area so far.
Failure to bounce back to (~10k) will provide an incredibly negative technical backdrop