Test of .236 retracement is similar to the move from $5900 low
Hi all
Looking at this chart, we can see that the move from the $5900 bounced off the .236 retracement level on February 11th. This was followed by a slight retracement to the $7900 level, but was followed by a strong move up to $11,700. Considering price bounced off the .236 retracement level in this current bullish move, I'm monitoring to see if BTC follows the same path it did during its last bullish move. I personally want to see the $7800 level hold if BTC doesn't continue upward from here, as that would provide evidence that we're operating in either a range bound or bullish environment.
I'm looking to shave off some of my position at the $11,000 levels, potentially buying back in if BTC breaks the resistance at $11,700 decisively.
Have a great day everyone!
Looking at this chart, we can see that the move from the $5900 bounced off the .236 retracement level on February 11th. This was followed by a slight retracement to the $7900 level, but was followed by a strong move up to $11,700. Considering price bounced off the .236 retracement level in this current bullish move, I'm monitoring to see if BTC follows the same path it did during its last bullish move. I personally want to see the $7800 level hold if BTC doesn't continue upward from here, as that would provide evidence that we're operating in either a range bound or bullish environment.
I'm looking to shave off some of my position at the $11,000 levels, potentially buying back in if BTC breaks the resistance at $11,700 decisively.
Have a great day everyone!
Comment:
So far so good — check out how it bounced off the area I highlighted. Let's see if we get some follow through when we hit the .236 retrace again