Low timeframe short idea for BTC. Using a fib retracement (with extension targets) on this break downwards, we can see where the outer extension target lies for the short take profit.
Trade active
We got the drop I was expecting, but we did take a detour beforehand, coming up to re-test the underside of the red box that I have marked that is associated with the initial supply zone from BTC's first push above 100k. The price is currently giving a bit of an "automatic reaction" style bounce, but I do expect that we will continue down a little further before consolidating for the next push.Trade closed: target reached
This idea has reached its target price area. Price action is still looking very sluggish, and I am anticipating further downside in the short term. Thoughts on that will come in a separate idea though.
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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.