Potential Bullish 3 Drive pattern forming for BTC on 1hr as shown on chart. Easy Low risk trade here as price shouldn't go below 0.618 Fib zone (recent low or nearby). Lets see how this plays out. Chart is self explanatory with numbers and fibs.
Trade active
0.618-0.786 strong resistance on LTF so some profits can be booked here if entry was below 6800. But BTC still very much bullish and 1.272 Fib test is still valid over next few days. Could be a small pull back but momentum and RSI on HTF looks strong for now.Trade active
3 tries so far to cross that resistance. Hasn't failed 0.618 ext yet. So still looks bullish overall.Trade active
Price likely to test the 0.5 fib ext. one more time to help us decide the direction of this trade. Holding 25% with buy orders at 0.5 fib of 7126. Given that the 2nd test was just a wick testing it, 0.618 fib ext seems like a strong support for now.Trade closed manually
Fail of 0.618 ext. forced close this trade. Still likely bounce expected as long as price doesn't go below 6550
Get in touch with me if you would like access to my Premium scripts for a trial before deciding on lifetime access.
Telegram - @Trade_Chartist
Free Scripts - bit.ly/Free-Scripts
Telegram - @Trade_Chartist
Free Scripts - bit.ly/Free-Scripts
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.
Get in touch with me if you would like access to my Premium scripts for a trial before deciding on lifetime access.
Telegram - @Trade_Chartist
Free Scripts - bit.ly/Free-Scripts
Telegram - @Trade_Chartist
Free Scripts - bit.ly/Free-Scripts
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.