Bearish bias on Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
157 0
As the market has pushed down and broken the most previous support level I'm predicting trend continuation from this pair.

So how I plan to enter this trade is hopefully the market will retrace a little bit higher towards the broken support level that will now become resistance. Ill place a sell pending order at the 0.236 fib level with stops at the 0.5 fib level. My 1st target will go at the fib extension level 1.272 and my 2nd targets at the 1.618 level.

Now if the market pushes higher and closes above 6548.4 level then I will re-evaluate the trade.

Also depending on how high the market retraces ill also change stops and target.

Happy Hunting
Comment: Order has been filled and I'm in the trade.
Trade closed: stop reached: Trade got crushed by the market. But you got to take the rough with the smooth.

Analysising the daily chart will post again when the opportunity presents itself.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out