Expect for take long.
I see a Bullish Double Bottom. After braking 35085 fib level price gone strait to next fib level (0.618). my expect is the price will retest the 0.5 fib level and go to the 40,000.
Why I thought the price will retest?
Usually swing trades are expecting a retest. BTC price is now about 36,400 (20.31 UTC/29th of June). 200 EMA is now above the 0.618 fib level (36,885). 200 EMA is a very strong supporter. So it could be a very strong resistance. In this consolidating period price tried to break the 200 EMA but it not happened. Because market sentiment was not good. It is short term bearish. But now market sentiment is little bit changed. Also price is little bit far away from 9 & 20 EMAs. If the price gone away from the EMA, price is always trying to touch the EMA back. RSI indicator at the top now (73). It means over bought situation.
I will take three entries
1- After braking 0.236 fib level price gone up. But not retest correctly. Did not hit again 0.236 & 0.382 fib levels as retests. So I get my first entry at 35,750. Because this could happen again. Stop loss will be 34,500 (3.50% from the trading amount).
2 - This will get at the 0.5 fib level. According to the Bullish Double Bottom & keeps eye on the retest concept. Stop loss will set at 0.382 fib level (4.13% from the trading amount)
3 - This will take after the retest & this entry get also 35,800. Stop loss will set 34,550 (3.50% from the trading amount).
These trades are will take only from spot market.
Just only for educational purpose.
Why I thought the price will retest?
Usually swing trades are expecting a retest. BTC price is now about 36,400 (20.31 UTC/29th of June). 200 EMA is now above the 0.618 fib level (36,885). 200 EMA is a very strong supporter. So it could be a very strong resistance. In this consolidating period price tried to break the 200 EMA but it not happened. Because market sentiment was not good. It is short term bearish. But now market sentiment is little bit changed. Also price is little bit far away from 9 & 20 EMAs. If the price gone away from the EMA, price is always trying to touch the EMA back. RSI indicator at the top now (73). It means over bought situation.
I will take three entries
1- After braking 0.236 fib level price gone up. But not retest correctly. Did not hit again 0.236 & 0.382 fib levels as retests. So I get my first entry at 35,750. Because this could happen again. Stop loss will be 34,500 (3.50% from the trading amount).
2 - This will get at the 0.5 fib level. According to the Bullish Double Bottom & keeps eye on the retest concept. Stop loss will set at 0.382 fib level (4.13% from the trading amount)
3 - This will take after the retest & this entry get also 35,800. Stop loss will set 34,550 (3.50% from the trading amount).
These trades are will take only from spot market.
Just only for educational purpose.
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