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The goal here is to track events leading up a possible trade, not an immediate entry.
Some bullish thoughts:
Major daily support level
Likely bullish divergence on 4H chance (pending next candle close)
BTC shorts around ATH
BTC shorts looking like a possible double top
2 times Fibonacci extension from a recent swing low -> high
At lower Bollinger Band and ...
As title mentions:
Daily uptrend support line. We have a 4H bullish divergence. Target is slightly below previous support, now resistance.
A potential opportunity incoming, will be keeping an eye for a reversal and potential entry i.e. double bottom on trend line / support zone
NOTE: Please take everything below with multiple salt pinches.
For those who are considering buying cryptos around this time and or holding on for the mid / long term, the rapid influx of shorts today and possibly the frequent comparisons the 2014 crash might cast a fair amount of doubt into the picture.
The chart details most of this, but if we take a look a ...
Entry on retest of broken resistance line
All on chart, thinking entry on 1H candle close above resistance
My current thoughts and trade plan on BTCUSD (Bitfinex). All feedback welcome!
A small short opportunity may be upcoming, as BTC is about to reach a level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
BTCUSD (Bitfinex) is about to reach a potential ...