Potential upcoming term BTC short opportunity
Updated
My current thoughts and trade plan on BTCUSD (Bitfinex). All feedback welcome!
A small short opportunity may be upcoming, as BTC is about to reach a level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
BTCUSD (Bitfinex) is about to reach a potential resistance level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
- Potential RSI bounce?
Entry: Around 9650
Stop: Just above 10000
- Slightly above the first pivot above the 0.618 retracement
- A big even
Target: 9100
- Just above 0.5 Fib retracement level
- Previous support
- Move stop down to just above 9500 if reached and hope for extended target
Extended target: 8540
- Just above the 0.382 Fib retracement level
- Previous support
A small short opportunity may be upcoming, as BTC is about to reach a level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
BTCUSD (Bitfinex) is about to reach a potential resistance level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
- Potential RSI bounce?
Entry: Around 9650
Stop: Just above 10000
- Slightly above the first pivot above the 0.618 retracement
- A big even
Target: 9100
- Just above 0.5 Fib retracement level
- Previous support
- Move stop down to just above 9500 if reached and hope for extended target
Extended target: 8540
- Just above the 0.382 Fib retracement level
- Previous support
Trade closed: target reached
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