After yesterdays drop to 61.8% level and testing trendlines on higher time frames, entries look good for entering upon the fibb levels of 50% and on the trendline. Will be monitoring this play moving forwards.
Trade active:
Still long after monitoring PA at the 38.2% level. Hopefully, we can clear this level, catch the retest on the lower timeframes if there is one. Once this level is cleared stops moved in to break even.
Trade active:
Didn't break the 38.2% level. However we anticipated this move and closed out portions of profit, and now looking to reenter that portion hopefully today.
Trade active:
Entered into the 50% retracement area here...
Comment:
Yesterdays lower timeframe retracement didnt quite play out, but we were looking to add positions here. All the way down to the 78.6% on the chart above. Looking on this new chart the test of the 78.6% represents a double bottom on the 78.6% (1hr chart) coinciding with the 61.8% on the 4hr chart. Bitcoin also looks same structure forming bear trap consolidation on the resistance level.
Comment:
1hr timeframe as described above:
Trade closed: target reached:
Nice trade after the double retest of the 61.8 area (78.6 on the 1hr) Target is achieved so looking to secure the profit and look to reenter at some point and build another position.
Comment:
On the other side of the coin we are at the 78.6 retracement level for the opposite side from the previous large drop. This is why the trade was closed with all profits and not partial. It would be best to wait out some HTF candle closures to keep one step ahead, the HTF candle closures signalled to us that this move was coming so best to secure the profits and wait out the next trade.
Trade closed: target reached