BTC/USD - Hitting 1 last stop before running out of fuel
The pink dotted lines you see represent previous S&R lines that are still valid.
Target1: $7000.00 -> Based off of previous S&R line, and a Fib level that converges at the same level, I believe this is the last stop before BTC will turn around.
Target2: $7700.00 - $7800.00 -> If BTC continues past Target 1 then I believe it will roughly hit the 200 SMA around this level and bounce back
Target3: $8000.00 -> If BTC is able to move a little past the 200 SMA without immediately bouncing off, I think the highest we will see it before diverging would be $8000.00
Target1: $7000.00 -> Based off of previous S&R line, and a Fib level that converges at the same level, I believe this is the last stop before BTC will turn around.
Target2: $7700.00 - $7800.00 -> If BTC continues past Target 1 then I believe it will roughly hit the 200 SMA around this level and bounce back
Target3: $8000.00 -> If BTC is able to move a little past the 200 SMA without immediately bouncing off, I think the highest we will see it before diverging would be $8000.00
Trade closed manually
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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.