TREND ANALYSIS OF BTCUSDT
Updated
Bitcoin is in an upward trend in the weekly time frame and we have a powerful extension that we should be a good pullback for this. According to the intersection of the upward trend line and the 38.2 Fibonacci retracement level, it can be assumed that the pullback will fall almost to the price of $58,000 and we should wait for a good return point in this range. Considering the entry point and loss limit of 1.8% and the target of $70,000, we will have a risk to reward of 12.
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If the previous scenario does not work and the price falls again, there is a possibility that it will fall to the green box range, which indicates a doji candle in the weekly time frame and is also confirmed by the 55% Fibo, and if the middle line of this range choose as entry and consider the previous conditions for the long position, we will have the risk to revard 17.Trade active
The entry point is the intersection of the node zone of the Marabzu candle, the 38.6 Fibo retracement level and the trend line, and so far it is about 9% in profit.
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