Bitcoin Finding Support in an Uptrend
Updated
https://www.tradingview.com/x/Msp0w6QQ/
Bitcoin has had a Deep retracement to Fib 38.2 as shown on the chart. Note that if the current low does not hold, it may want to test Fib 23.6, another popular deep retracement support level. It has made a Bullish counter trend line break giving our STOP at the low below the counter trend line which is 6306, an ENTRY at the candle following a candle that is clearly above the counter trend line. Note my use of a 45 degree counter trend line. I find this angle giving reliable crosses. The entry should thus be at 6396. Given a deep retracement to Fib 38.2, our target for profit should be at Fib 138.2 extension which is at 7112. Note that when entering into a trade, I find it useful to know your STOP, this is the value to be given first, Your TARGET...this is the value to be given second, once the retracement support is known and your ENTRY which given last when price has made a clear close above the counter trend line. So you STOP, TARGET and ENTRY values should be know before you enter into any trade. I hope this helps. Thank you.
Bitcoin has had a Deep retracement to Fib 38.2 as shown on the chart. Note that if the current low does not hold, it may want to test Fib 23.6, another popular deep retracement support level. It has made a Bullish counter trend line break giving our STOP at the low below the counter trend line which is 6306, an ENTRY at the candle following a candle that is clearly above the counter trend line. Note my use of a 45 degree counter trend line. I find this angle giving reliable crosses. The entry should thus be at 6396. Given a deep retracement to Fib 38.2, our target for profit should be at Fib 138.2 extension which is at 7112. Note that when entering into a trade, I find it useful to know your STOP, this is the value to be given first, Your TARGET...this is the value to be given second, once the retracement support is known and your ENTRY which given last when price has made a clear close above the counter trend line. So you STOP, TARGET and ENTRY values should be know before you enter into any trade. I hope this helps. Thank you.
Trade active
Hello Traders... This trade is still active. One point of note at this point is that when price takes out a Fibonacci level, it retraces, more often finding support at the Fib level below, as shown on the chart. They have taken out Fib 61.8 and retraced. Now they are targeting Fib 78.6. Watch what will happen when they take out this level. You might want to keep a tight stop once this level has been taken. I hope this little helps. Happy trading all the while traders. Thank you.
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