Fib-Confluence Analysis: Two Scenarios

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Brief analysis

I see a sharp bounce from 9222. This low was just shy of the Gartley PRZ near 8700. It has been approaching a possible reaction zone near 13000 and strong resistance near 14000. Price action there will reveal the future course of action.

We have strong support at 8700. The traders should turn bearish only below 8700 because then there will be a potential for 4900-5000, which is the Bat PRZ. Till then enjoy the up move.

Hope this analysis will help bitcoin traders to develop their plans more efficiently.

Do hit like and comment.
All the best.


Disclaimer: I do not trade Bitcoin .
Hi, I know that its no financial advice, but on a scale of 1 - 10, what number would you pick that it would go below 8700 as u have mentioned....just to understand the probability factor ???
Bravetotrade Milind_Sharma
@Milind_Sharma, :) Bias is something that needs to be subtracted from trading. For more clarity refer my latest post.

+2 Reply
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