Hello traders, that's my new idea:
Having made a long research I think that btc could reach lower lows and that 43k could be the turning point to the real drop.
Because of this reasons:
First, if you draw the downtrend Fibonacci Retracement from the wick of the 4th December 2021at 42k to the all time high the the 10th of November at 69k yo can clearly see that the price reached the 48.000$ resistance level and refused to hold it coinciding this level with the Fibonacci 0.786. Now the price is situating in the Fibonacci level 1 and possibly ready to fall back.
Normally in btc at the end of a downtrend in we usually see a bullish divergence between the MACD and the price but it hasn't appeared yet.
The price is printing a long ascending channel that could be a good sign but if the case arises and the btc breaks the lower part of the channel it will become a bearish flag pattern that will push the price to levels 1.27(35k), 1.41(31k) and the golden 1.618(26k).
I will consider to enter a short at 42.5k with targets 39.000$ 35k 31k and 26k, i will put a stop loss at 44k and at 41k i will set the stop at entry.
That's all, i hope you liked my idea and if you think that I am crazy or that my I'm right i will be glad to see what do you think in the comments.
Regards and happy trading .
I express only my opinion, do always your own research before risking your capital.
This is not a financial advice.
Having made a long research I think that btc could reach lower lows and that 43k could be the turning point to the real drop.
Because of this reasons:
First, if you draw the downtrend Fibonacci Retracement from the wick of the 4th December 2021at 42k to the all time high the the 10th of November at 69k yo can clearly see that the price reached the 48.000$ resistance level and refused to hold it coinciding this level with the Fibonacci 0.786. Now the price is situating in the Fibonacci level 1 and possibly ready to fall back.
Normally in btc at the end of a downtrend in we usually see a bullish divergence between the MACD and the price but it hasn't appeared yet.
The price is printing a long ascending channel that could be a good sign but if the case arises and the btc breaks the lower part of the channel it will become a bearish flag pattern that will push the price to levels 1.27(35k), 1.41(31k) and the golden 1.618(26k).
I will consider to enter a short at 42.5k with targets 39.000$ 35k 31k and 26k, i will put a stop loss at 44k and at 41k i will set the stop at entry.
That's all, i hope you liked my idea and if you think that I am crazy or that my I'm right i will be glad to see what do you think in the comments.
Regards and happy trading .
I express only my opinion, do always your own research before risking your capital.
This is not a financial advice.
Trade active:
Currently in profit moving stop order to entry
Trade active:
Take profit 1 reached +11% congratulations if you have opened a short at 42500
Comment:
Woow it keeps going down nearly hitted 35k that is a 16% profit risking a 2% risk reward at the moment 1:8 amazing!!
Comment:
AMAZING!!!!
All targets reached
All targets reached