Bitcoin Daily Important Retracement Support (+Extension Targets)
Updated
Bitcoin is dropping right now so I wanted to share with all my beloved readers and supporters the different Fib. retracement support levels.
Bitcoin (BTCUSD | D) Fib. Retracement Support Levels
1) $5882
2) $5494
3) $5106
4) $4553
5) $3850
How does it work?
- If one level is broken, the next one follows.
For a level to be considered broken the daily candle needs to close below it.
- If the support level holds, a new setup can develop and a change of direction can happen.
For a level to hold, prices need to hit this level, bounce and close above it.
Pretty simple right?
Thanks a lot for reading.
Namaste.
- We are looking at the daily timeframe (D).
- Each candle goes for 24 hours.
- Let's get started!!!
Bitcoin (BTCUSD | D) Fib. Retracement Support Levels
1) $5882
2) $5494
3) $5106
4) $4553
5) $3850
How does it work?
- If one level is broken, the next one follows.
For a level to be considered broken the daily candle needs to close below it.
- If the support level holds, a new setup can develop and a change of direction can happen.
For a level to hold, prices need to hit this level, bounce and close above it.
Pretty simple right?
Thanks a lot for reading.
Namaste.
Note
Comment Ralferator"How low do you think will BTC go?"
---
Share your answer in the comments section... Here is mine:
" I am open to multiple scenarios.
We have good chances of making another drop and produce a higher low before resuming up.
There is also a big possibility that prices tank hard/strong before halving... and we also have the Coronavirus situation going on.
The conventional financial markets are collapsing which is a very strong variable, we don't know exactly how Bitcoin will respond but we want it to be strong.
Even if Bitcoin works as a safe-haven it can still drop strong first...
I would say we make another strong drop, still don't know how low, and then we continue printing long-term growth... Higher highs and higher lows.
Namaste."
Note
Correction: 12 Hours (720) not Daily (D) timeframe.Note
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