Bitcoin is speaking to us - Why you must check this chart!
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No need to complicate things for Bitcoin. Just look at the big picture and you will understand how to avoid the noise and trade it in a simple way.
The chart is speaking to us and we just need to see the right things.
The most important level that we must focus on is the zone that acted as support and resistance. Yes, as you can see that's our weekly level which is at $7512.5 (Bitmex chart: XBTUSD).
Now we are looking for confluence to see if we can have something else that will give us confidence to take a long at this level. We use a fantastic tool called Fibonacci. We take the low and the high of that impulse upward movement and have a look at where is our Golden Pocket (0.618 - 0.65 fibonacci retracement), it's at $7472, just next to our weekly level.
This is what we call confluence! It gives you enough confidence to take a long without stress at this particular level and all the other things are just noise.
So depending on which chart you are looking at BTCUSDT XBTUSD BTCUSD just draw your weekly level and fibonacci retracement and find the exact level to time your long entry, set an alert and relax.
As I am trading BTC on Bitmex, I will close my current short (see how I predicted the price of bitcoin to stop in the chart I posted the 18/01/20) and take a long exactly at $7513.
If you like my simple way of trading, just follow me and I will post daily the highest probability trades.
Please simply comment "AGREE" below if you loved this post.
Have a wonderful day traders,
Thank you!
No need to complicate things for Bitcoin. Just look at the big picture and you will understand how to avoid the noise and trade it in a simple way.
The chart is speaking to us and we just need to see the right things.
The most important level that we must focus on is the zone that acted as support and resistance. Yes, as you can see that's our weekly level which is at $7512.5 (Bitmex chart: XBTUSD).
Now we are looking for confluence to see if we can have something else that will give us confidence to take a long at this level. We use a fantastic tool called Fibonacci. We take the low and the high of that impulse upward movement and have a look at where is our Golden Pocket (0.618 - 0.65 fibonacci retracement), it's at $7472, just next to our weekly level.
This is what we call confluence! It gives you enough confidence to take a long without stress at this particular level and all the other things are just noise.
So depending on which chart you are looking at BTCUSDT XBTUSD BTCUSD just draw your weekly level and fibonacci retracement and find the exact level to time your long entry, set an alert and relax.
As I am trading BTC on Bitmex, I will close my current short (see how I predicted the price of bitcoin to stop in the chart I posted the 18/01/20) and take a long exactly at $7513.
If you like my simple way of trading, just follow me and I will post daily the highest probability trades.
Please simply comment "AGREE" below if you loved this post.
Have a wonderful day traders,
Thank you!
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