BITCOIN | Waiting For a Trendline Retest! 2.0
Updated
Hi,
The price has followed nicely my previous analysis and it has started to approach that prementioned trendline.
Previously, the area was wider and I would like to make an update to tightening it a bit. Long story short, the strongest area should be $8,000 - $8,150 and it consists of:
1) AB=CD and the D point lands perfectly inside the marked area
2) Channel projection, pulled from bodies (on line chart)
3) Fibonacci Extension 162%
4) Fibonacci Retracement 38%, pulled from December low to this year high, perfect retracement level to follow that current mid-term bullish momentum.
5) Daily EMA 50, 100, 200 acting as support levels.
6) 4H EMA 200 adding strength to the possible reversal area
7) The round number $8,000 acting as a support level
8) The historical black trendline should act as a strong support level. Pulled from 2019 high, the breakout has made with a strong and powerful candle which gives a signal that this retest should be successful.
9) Wait for a smaller timeframe rejection from the green box and as always, wait for a bullish candlestick pattern formation on 1H+timeframes to get more secure trade.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
The price has followed nicely my previous analysis and it has started to approach that prementioned trendline.
Previously, the area was wider and I would like to make an update to tightening it a bit. Long story short, the strongest area should be $8,000 - $8,150 and it consists of:
1) AB=CD and the D point lands perfectly inside the marked area
2) Channel projection, pulled from bodies (on line chart)
3) Fibonacci Extension 162%
4) Fibonacci Retracement 38%, pulled from December low to this year high, perfect retracement level to follow that current mid-term bullish momentum.
5) Daily EMA 50, 100, 200 acting as support levels.
6) 4H EMA 200 adding strength to the possible reversal area
7) The round number $8,000 acting as a support level
8) The historical black trendline should act as a strong support level. Pulled from 2019 high, the breakout has made with a strong and powerful candle which gives a signal that this retest should be successful.
9) Wait for a smaller timeframe rejection from the green box and as always, wait for a bullish candlestick pattern formation on 1H+timeframes to get more secure trade.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
Vaido
Trade closed: target reached
At the moment, I cannot see any high-probability trading areas and I don't want to make any blablabla...posts.When I see something then definitely, I will make an update.
Regards,
Vaido
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