Despite what most others are saying, I still a move in the direction of the current bull upwards trend thats been going on since April 3rd. My fib retracement tracks from the 7210 level. That being said the current trading ranges are respecting it quite well. I'm waiting till we break one of two levels next to decide what trades I'm taking next with bitcoin.
1) Fib Retracement breaking of .618 level, or BTCUSD value of 10713: When we break this level on the daily chart we will enter a long order targeting 11658. However, if we break our upper trend line wedging downwards, we will adjust or take profit and aim for for 12869.
2) If we break 9372, we will short until we hit the lower trend line that has been reaching back to April 3rd. If we close below the lower trend line, we will then enter a new short order and aim for 8546 first. At 8546 we will close half our orders and then aim for 7210.
1) Fib Retracement breaking of .618 level, or BTCUSD value of 10713: When we break this level on the daily chart we will enter a long order targeting 11658. However, if we break our upper trend line wedging downwards, we will adjust or take profit and aim for for 12869.
2) If we break 9372, we will short until we hit the lower trend line that has been reaching back to April 3rd. If we close below the lower trend line, we will then enter a new short order and aim for 8546 first. At 8546 we will close half our orders and then aim for 7210.