BitcoinLong
BTCUSD; Looking for a standard Fibonacci retracement at 11300
In a broader view bulls got their higher low (The two green arrows) followed by a break of the longer term downtrendline.
On top of that, market is seeing a move above the last more significant high (red arrow, 9177) today. All are ingredients for a a further move to recover 2018 losses. When looking at standard correction levels, the first bigger resistance is seen around 11300 which is a target for the current upswing. One can expect some profit taking at this mark in the future.
For the shortterm the market is playing a well defined rising wedge; it's top end almost touched today (9435, increasing 100 points every day). The low end (at around 8900, increasing 150 every day) acted as support. Play this wedge for day trading.
A break below the wedge implies a return to the Bollger Bands midline (blue arrow), currentlu around 7900 but increasing.
For now; 11300 is the idea.
On top of that, market is seeing a move above the last more significant high (red arrow, 9177) today. All are ingredients for a a further move to recover 2018 losses. When looking at standard correction levels, the first bigger resistance is seen around 11300 which is a target for the current upswing. One can expect some profit taking at this mark in the future.
For the shortterm the market is playing a well defined rising wedge; it's top end almost touched today (9435, increasing 100 points every day). The low end (at around 8900, increasing 150 every day) acted as support. Play this wedge for day trading.
A break below the wedge implies a return to the Bollger Bands midline (blue arrow), currentlu around 7900 but increasing.
For now; 11300 is the idea.
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