BTCUSD Trend-based Fibonacci Extension
Updated
When it broke above 20k plus, 35k was the target. It was hit, overshot (went even higher to 40-ish) and then corrected.
The good news is that if bullish trend continues we might see 53-54k soon.
The bad news is that if correction continues we might see 22-23k soon (28% down from here).
If you are a buy-and-holder then I guess just news (neither good nor bad).
If these levels are correct (and happens) then the risk-reward is around 3:1
Everyone's risk tolerance is different but 3:1 is not a bad ratio.
Personally I had more success riding an already upward trend (recent 7k, 11k, 21k with strong confirmations and higher-high, higher-lows) and miss out on some early gains than to bottom fish and catch the lows. So I would enter at these levels only on short-term trades (for example higher-highs, higher-lows on hourly chart/bars).
I expect some notable support at those 20k level (not to mention it's a round number psychological level).
But if that breaks too then maybe more downside may be coming.
We'll see
The good news is that if bullish trend continues we might see 53-54k soon.
The bad news is that if correction continues we might see 22-23k soon (28% down from here).
If you are a buy-and-holder then I guess just news (neither good nor bad).
If these levels are correct (and happens) then the risk-reward is around 3:1
Everyone's risk tolerance is different but 3:1 is not a bad ratio.
Personally I had more success riding an already upward trend (recent 7k, 11k, 21k with strong confirmations and higher-high, higher-lows) and miss out on some early gains than to bottom fish and catch the lows. So I would enter at these levels only on short-term trades (for example higher-highs, higher-lows on hourly chart/bars).
I expect some notable support at those 20k level (not to mention it's a round number psychological level).
But if that breaks too then maybe more downside may be coming.
We'll see
Trade active
trade still on (at least for weekly horizon)Trade closed: target reached
54k was reached and correctednext station is around 73k
Note
next target is 73kNote
If it stays above 54k then chances of 73k soon is possible.With that said ETH still has relatively strength but BTC doing that will support the whole market upward.
Note
54k is looking good so far. it might still take time but it's not getting beaten down easilyTrade active
54k was line on the sandbox, when that was broken downside continuedif it consolidates around 34k (plus minus few thousands) then it's finding good foundation before resuming up
below the 30k low then more downside maybe coming
Trade active
Let's see if the 54k rejection comes - if not then we're off to 74k
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