Hey everyone, here's my analysis on BTCUSD
Summary
Prices broke out of a key resistance turned support zone, in line with our trend line. We could be seeing a small pullback to re-test our support zone at 6880 before a strong bounce from here.
Action:
Buy Limit: 6880
Stop Loss: 6400
Take Profit: 7900 and 9200
Analysis:
Price could be making a pullback to re-test its previous resistance zone which it broke out from, which was also the 50% fibonacci retracement and 78.6% fibonacci extension. We could be seeing a bounce to the first key resistance zone at 7900 where I will take half profit and the other half at 9200.
Disclaimer: There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. Trading BEAN and all individuals affiliated with this site assume no responsibilities for your trading and investment results. All contents featured here are solely for educational purposes and ARE NOT investment or trading advices. Please do your own due diligence and trade at your own risk.
Summary
Prices broke out of a key resistance turned support zone, in line with our trend line. We could be seeing a small pullback to re-test our support zone at 6880 before a strong bounce from here.
Action:
Buy Limit: 6880
Stop Loss: 6400
Take Profit: 7900 and 9200
Analysis:
Price could be making a pullback to re-test its previous resistance zone which it broke out from, which was also the 50% fibonacci retracement and 78.6% fibonacci extension. We could be seeing a bounce to the first key resistance zone at 7900 where I will take half profit and the other half at 9200.
Disclaimer: There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. Trading BEAN and all individuals affiliated with this site assume no responsibilities for your trading and investment results. All contents featured here are solely for educational purposes and ARE NOT investment or trading advices. Please do your own due diligence and trade at your own risk.
Trade active:
Price has yet to reach second support zone