MagnusTradingGroup
Long

Stop hunt at strong midterm support level + lift off

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
315.54 is the midterm low. I see a lot of demand at this level (long wicks, high volume )
Whales are running the stops of the buyers. triggered stops = market sells => whales buy into these market sells.
additionally new sellers might come in because they think it's a "breakdown".
PRZ is the potential reversal zone. I took the fib tool and tried to find a bottom angle point by matching the internal fibs with already existent price action/levels

Gotta be fast on these type of trades and anticipate it beforehand to be able to make good profits : ]
Interesting thoughts, I'm currently watching 322 and 317. If it's holding and the daily candle close above 322 it will be a triple bottom : 05Oct, 02Nov, 17Dec. That would be a nice setup to break (upside) the 1year bullflag which will be resolved soon.
+1 Reply
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