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Here is my updated Bitcoin Chart: 45% Trade Opportunity Timeframe unkown
For those that have been with me on the previous trade, you have known that we shorted bitcoin near the 11,000 levels (chart was posted earlier, however). Currently still an active trade. I will close short at 9500 levels safely and watch the key levels between 9500-7860 keenly, and consider going long at 9300, and 7900 levels. I may use a weighted cost average between the two, depending on price movement at the given price.
Entry: 7860
Stop Loss: 7200
Target Profit: 13700
I believe the price will consolidate around the 9300 levels for a couple day timespan, and then continue dropping to our target entry points.
History has the potential to repeat itself and I would see this as a medium risk trade.
In the past, bitcoin had retraced from BTC High in June, and corrected itself in a full retracement to the near 3000 levels. After so, it continued to pass the Fibonacci going for 261.8% retracement levels. After, it had then dipped down to the 161.8% levels, and surely bouncing and rising yet again. As you guys can see, the fib retracement has been very accurate thus far.
Currently, following this trend, bitcoin had passed through a full retracement from 7800 levels previous to 5600 levels. Thus far, bitcoin had retraced and passed through the 161.8% and 261.8% retracement levels.
In conclusion, I see a potential buy opportunity on a bounce to the 161.8% fib level. We will watch closer as the price dials in to see if we can find more technical analysis.
Happy Trading to you all.
Here is my updated Bitcoin Chart: 45% Trade Opportunity Timeframe unkown
For those that have been with me on the previous trade, you have known that we shorted bitcoin near the 11,000 levels (chart was posted earlier, however). Currently still an active trade. I will close short at 9500 levels safely and watch the key levels between 9500-7860 keenly, and consider going long at 9300, and 7900 levels. I may use a weighted cost average between the two, depending on price movement at the given price.
Entry: 7860
Stop Loss: 7200
Target Profit: 13700
I believe the price will consolidate around the 9300 levels for a couple day timespan, and then continue dropping to our target entry points.
History has the potential to repeat itself and I would see this as a medium risk trade.
In the past, bitcoin had retraced from BTC High in June, and corrected itself in a full retracement to the near 3000 levels. After so, it continued to pass the Fibonacci going for 261.8% retracement levels. After, it had then dipped down to the 161.8% levels, and surely bouncing and rising yet again. As you guys can see, the fib retracement has been very accurate thus far.
Currently, following this trend, bitcoin had passed through a full retracement from 7800 levels previous to 5600 levels. Thus far, bitcoin had retraced and passed through the 161.8% and 261.8% retracement levels.
In conclusion, I see a potential buy opportunity on a bounce to the 161.8% fib level. We will watch closer as the price dials in to see if we can find more technical analysis.
Happy Trading to you all.
Comment:
short will remain open unless I see some major buy volume arising soon