BTC (Y20.P4.E19).What is the target
Updated
Hi All,
Note: All this is on Binance.
This is the big question, what is the target for a pullback and looking at many posters, many have so far got it wrong and I'm sure I will too.
So how do we play this is a very hard question. My guess, my approach is a each major fib level.
The problem with this is also where you place your fib levels.
I will be using a few of them:
a) fib extension, as above;
b) macro fib levels, as below;
c) fib levels on an angle;
a) Using the fib extension tool, the 1.618 level is a strong resistance number. The question is how do you use it on this chart accurately. That is hard as it can vary close to $1000 based on where you place the levels.
b) Below is another chart with fib levels so my guess is we need to watch this level as well.
c) On Bitstamp.
This is the harder one but we have to find some confluence with the macro levels of support and resistance.
d)
But when it comes to it, we hope the indicators gives us a clue as well, like my Phoeix and WT\StochX combination.
All the best,
S.SAri
Note: All this is on Binance.
This is the big question, what is the target for a pullback and looking at many posters, many have so far got it wrong and I'm sure I will too.
So how do we play this is a very hard question. My guess, my approach is a each major fib level.
The problem with this is also where you place your fib levels.
I will be using a few of them:
a) fib extension, as above;
b) macro fib levels, as below;
c) fib levels on an angle;
a) Using the fib extension tool, the 1.618 level is a strong resistance number. The question is how do you use it on this chart accurately. That is hard as it can vary close to $1000 based on where you place the levels.
b) Below is another chart with fib levels so my guess is we need to watch this level as well.
c) On Bitstamp.
This is the harder one but we have to find some confluence with the macro levels of support and resistance.
d)
But when it comes to it, we hope the indicators gives us a clue as well, like my Phoeix and WT\StochX combination.
All the best,
S.SAri
Note
Note
Chart a) and Chart d) is so far accurate.Note
Still looking strong however one must look at the small and big time frames.Left, 23 min, middle 4 HRLY and right 8 HRLY.
Note: ALTs are making a move. Some are breaking up but their trend has not changed yet (well most of them).
Note
After some effort, with the current information, I have this chart that makes sense.As for price action, with this so bullish environment, the only way this will pull back significantly is because of the ALTs restarting their ascend.
Note
Slowly BTC will give us a top level structure that could possibly be a reversal for the short time. Even possible to head back to the weekly 21 EMA.But that's all speculation. On the bullish mindset, we still have the weekly with upward pressure so I see potentially breaking this level but first we need to see a bullish formation, bull flag or something.
Note
based on the previous post update 7 hours ago, we have ended where I said.Now the question is with this pullback.
With all logic, we are in an uptrend and the likely hood is that we continue.
Using the ema ribbon on the 4 hr, you can see what role it played recently and it is likely we will continue up. Noting the fib levels as well. However I have this nervous feeling, when ever there is a big drop like this, its usually followed by a bear flag. I feel the wick area was where there was support found and hence it will retest that level for confirmation.
Note
Note
Tracking and adding to planNote
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
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.