BitcoinShort
BTC - Possible Downtrend Symmetrical Retrace
Inspired by Queen Fibs Symmetry, I noticed a possible retrace of a the prior swing high to swing low of 55 bars. Testing the ideas.
The 100% retrace would be 9295.6.
The 1.618 is 8694. There's a 2nd fib ext line, .786 at 8692. If 100 doesn't hold, strong support here could turn it around.
On the way down, minor S&R at 10k, 9850, 9550,
Trigger to sell would be when the 8 ema crosses below the 34 ema and takes out prior pivot, just below 10,300.
Let's see how this plays out.
The 100% retrace would be 9295.6.
The 1.618 is 8694. There's a 2nd fib ext line, .786 at 8692. If 100 doesn't hold, strong support here could turn it around.
On the way down, minor S&R at 10k, 9850, 9550,
Trigger to sell would be when the 8 ema crosses below the 34 ema and takes out prior pivot, just below 10,300.
Let's see how this plays out.
Related publications
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.