At the middle-term chart of 4-hour timeframe we can see that Bitcoin's price is in the middle of red Ichimoku cloud between two major Fibonacci retracement levels. What such situation tells us ?
The answer lies in a retrospective movement of the price. After a rapid and sharp rise to $14 000 level the trend has reversed and ABC correction waves started. The price bounced from the area around global support of Fib 0.786 near with $9 700 level. Afterwards two impulse growth waves were confirmed which in case of rise above $12 000 level within the next day will finish very bullish pattern Inverse Head and shoulders. In case of success the full pattern of 5 Elliott impulse waves will take place and Bitcoin will move above $14 000 level which will start FOMO growth
Bitcoin is in a good technical state. In the short-term it is recommended to open BTC-ALTs position to gain more Bitcoin value while afterwards you should shift to USDT-ALTs positions to save and accumulate profit. The largest part of your portfolio should be BTC, we recommend to use the following structure which can be used for trading with alts
BTC - 60%
USDT - 20%
ETH - 20%
Best regards,
SkyRock Signals team