Hello all - DuncanForex here with another trade idea
With Bitcoin cycling lower - there are two options, the diagonal dynamic downwards resistance is broken, retested and then it heads higher. or - if you jump back to the weekly / monthly charts - its printed a lower high.
Now a Fibonacci extension would take bitcoin back to zero and into the negative - (which is not possible)
Therefore, i think there is real scope for it to go down to 5000.
If it cycles lower tomorrow on the 1hr / 4hr - i will be in a short trade
If it breaks the downwards trend line and retests it as new support - i will look to go long
Thanks for looking at my idea
Duncan
With Bitcoin cycling lower - there are two options, the diagonal dynamic downwards resistance is broken, retested and then it heads higher. or - if you jump back to the weekly / monthly charts - its printed a lower high.
Now a Fibonacci extension would take bitcoin back to zero and into the negative - (which is not possible)
Therefore, i think there is real scope for it to go down to 5000.
If it cycles lower tomorrow on the 1hr / 4hr - i will be in a short trade
If it breaks the downwards trend line and retests it as new support - i will look to go long
Thanks for looking at my idea
Duncan
Note
hi all, with the downward trendline broken, I am looking for a retest and to go long - although with crypto - I am looking for a bullish continuation pattern on a low timeframe as it doesn't always retrace.Trade active
Trade is still active, has finally moved back to the entry point, I will be watching this as we head to the end of the week
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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.