BTC Approaching 0.618 Fib Extension
Updated
BTC is running fast to 0.618 Fib Extension. What does it mean? It can meet some resistance.
From high on 14th April to low on 22 June BTC recovered more than half. However it went to here without any retracement and pretty fast which points to more like a bull trap than a healthy change of a trend.
So the idea is to short btc from 618 fib extension. Start to enter the market at 50K put SL at 53K and Profit Targer at least 30K
From high on 14th April to low on 22 June BTC recovered more than half. However it went to here without any retracement and pretty fast which points to more like a bull trap than a healthy change of a trend.
So the idea is to short btc from 618 fib extension. Start to enter the market at 50K put SL at 53K and Profit Targer at least 30K
Trade active
looks like it's breaching the trendline on 2H
Trade active
If it breaches it breaches. Now it serves as resistance and 0.5 level as support
Trade active
So now it breached 618 and returned heavily back. Looks like it will continue to fall as this was fail to breach
Note
I prefer short. But would reconsider if it breaks above 45k. Still holding some minor shorts even though closed some due to lack of capital and desire to open some forex trades.
Note
it broke the minor resistance and struggling with anotther one. Let's see what will happen
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