Good evening TradingView, here I'm sharing my next long setup for Bitcoin, the zone to long is marked by the green rectangle, stop loss is below the weekly nPoc located at 37.75k, a break of this level would likely result in a re-test of the value area low which would invalidate the setup.
The entry has the confluence of the golden ratio (.618 Fibonacci retracement zone) as well as the point of control of the range which is marked by the red line, this area has the most volume between the low and the high based on the volume profile which makes it a likely level we'll test on the way down.
In terms of take-profit, you should look to take profit at the various levels I have identified including the Fibonacci levels and daily levels, the highest target being 48k which is the top of the range. My first take profit is going to be the value area high located at 42.75k, this area is also a daily nPoc.
The entry has the confluence of the golden ratio (.618 Fibonacci retracement zone) as well as the point of control of the range which is marked by the red line, this area has the most volume between the low and the high based on the volume profile which makes it a likely level we'll test on the way down.
In terms of take-profit, you should look to take profit at the various levels I have identified including the Fibonacci levels and daily levels, the highest target being 48k which is the top of the range. My first take profit is going to be the value area high located at 42.75k, this area is also a daily nPoc.
Trade active:
Entry triggered
Trade closed: target reached:
Daily level reached, target for long TP.
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