BTCUSD, 31-32k New Support?
Hey traders,
Taking a Fibonacci Channel from March 2020 lows, the 2018 bottom, and the 2019 summer highs gives us some key S/R levels. The 1.272 trend line (currently at 31-32k) looks like a possible area that we will hold before breaking/ bouncing. If this ends up bouncing it will go back to test the 1.618 trend line. However, if the price action manages to break 1.272, I will exit and consider a short. The target out of 1.272 is at the old 2017 ATH at 20k. That being said, I hope this info was useful to you!
Safe trading,
-Pulkanator
Taking a Fibonacci Channel from March 2020 lows, the 2018 bottom, and the 2019 summer highs gives us some key S/R levels. The 1.272 trend line (currently at 31-32k) looks like a possible area that we will hold before breaking/ bouncing. If this ends up bouncing it will go back to test the 1.618 trend line. However, if the price action manages to break 1.272, I will exit and consider a short. The target out of 1.272 is at the old 2017 ATH at 20k. That being said, I hope this info was useful to you!
Safe trading,
-Pulkanator
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.