BTC/USDT - A weekly play -Waiting for a deeper retracement
Sometimes retracement levels won't have enough bulls to make a HH. This is what could happen on this chart. I prefer to wait for a perfect touch of a 0.382 rectracement before price returns to the trend. The confluence of support and the 382 retracement of the overall rise and the 2.618 profit take of the first swing after the correction is significant.
Here we have 3 important areas overlapping or forming confulence giving me enough reason to take the trade when I see price action on a lower time frame with my stop just below the last swing low. If the significant swing low formed on the 27/05 is negated by a Lower Low then I am out of the trade. If not I will hold until my first target 127% of the overall rise my 2nd is 161.8%. A good setup for a low risk and high reward.image]
Here we have 3 important areas overlapping or forming confulence giving me enough reason to take the trade when I see price action on a lower time frame with my stop just below the last swing low. If the significant swing low formed on the 27/05 is negated by a Lower Low then I am out of the trade. If not I will hold until my first target 127% of the overall rise my 2nd is 161.8%. A good setup for a low risk and high reward.image]