BitcoinLong
BTC/USD Bullish Latent Outlook
Updated
Good Morning,
I'm anticipating XBTC/USD to have a reversal near the letter "E" at elliot wave. This area was chosen from elliot wave counts, as well as trendline support since Feburary. It's accurate to assume, that this level is known as respected. Awaiting price to rebound this respected level once more, prior to retesting the zone of 7651.00. This zone was chosen through fibonacci retracements + resistance. 7651 is the ideal conservative target profit. Please be aware, a succesfull close above this zone indicates further bullish progression towards the next blue zone illustrated above, and so on. Should we see price action close consecutivley below our respected zone this trade will invalidate.
How do we know when to enter if price might close below chart?
Price action forms lows prior to reversal, I am not asking for you to identify this low during such reversal, as it proves to be a difficult task. However, I utilize a method to help allow me to determine the second low of price action. This second low his higher that the first by 61.8%. If you've heard the number before, many have as well. It's a prime Fibonacci Golden ratio and it's highly applicable towards entries. Once the low is established on the 15m chart, price will have to rise in order to identify that low. When price rises it will stop at some point. At that point is where you would draw the end of your fibonacci tool. You can now measure the percentage of retracement to enter. A price often reverses at 38.2%, 61.8%, as well as 100% known as a double top. Once we beak 100% you'll know that the market is still forming lower lows and they trade may be invalidated.
Look for confirmation to enter, I also advise you to facilitate this trade in a lower time frame for a better entry. Please execute with your own due diligence. The financial markets are risky, I am not responsible for any capital loss.
Thanks,
Trade Wisely
I'm anticipating XBTC/USD to have a reversal near the letter "E" at elliot wave. This area was chosen from elliot wave counts, as well as trendline support since Feburary. It's accurate to assume, that this level is known as respected. Awaiting price to rebound this respected level once more, prior to retesting the zone of 7651.00. This zone was chosen through fibonacci retracements + resistance. 7651 is the ideal conservative target profit. Please be aware, a succesfull close above this zone indicates further bullish progression towards the next blue zone illustrated above, and so on. Should we see price action close consecutivley below our respected zone this trade will invalidate.
How do we know when to enter if price might close below chart?
Price action forms lows prior to reversal, I am not asking for you to identify this low during such reversal, as it proves to be a difficult task. However, I utilize a method to help allow me to determine the second low of price action. This second low his higher that the first by 61.8%. If you've heard the number before, many have as well. It's a prime Fibonacci Golden ratio and it's highly applicable towards entries. Once the low is established on the 15m chart, price will have to rise in order to identify that low. When price rises it will stop at some point. At that point is where you would draw the end of your fibonacci tool. You can now measure the percentage of retracement to enter. A price often reverses at 38.2%, 61.8%, as well as 100% known as a double top. Once we beak 100% you'll know that the market is still forming lower lows and they trade may be invalidated.
Look for confirmation to enter, I also advise you to facilitate this trade in a lower time frame for a better entry. Please execute with your own due diligence. The financial markets are risky, I am not responsible for any capital loss.
Thanks,
Trade Wisely
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