Bitcoin is coming back down to test the bounce breakout area. Short term bullish sentiment is challenging and retesting the long term bearish sentiment. Fib levels indicate 2 likely areas to bounce from: 20109 and 18892. I’m leaning towards the 20109 level for a high R/R based on a 0.618 fib level from the 17737 support to the 23800 minor breakdown level. Secondary buy level at 18892 for a more conservative R/R.
Target is derived from a fib confluence at 26900 region. This is the confluence of the 0.382 level of the 39864 breakdown level to the 18892 bounce level and the 0.618 level from the breakdown near 31745 to the 18892 bounce level.
Hold on to some position to levels beyond for a longer term bounce.
Target is derived from a fib confluence at 26900 region. This is the confluence of the 0.382 level of the 39864 breakdown level to the 18892 bounce level and the 0.618 level from the breakdown near 31745 to the 18892 bounce level.
Hold on to some position to levels beyond for a longer term bounce.
Trade closed: stop reached