Hello and welcome to my idea of potential BTCUSD targets over the short-mid term trend.
My targets are derived by Fibonacci levels, primarily those established by the most recent trading range, established by the highs on June 18th and lows on June 24th, as well as the larger set of Fibonacci levels, established from the $10,000 touch on May 5th, down to the lows of June 24th.
After a breakout of the .236 level on the larger fib at 6,750, BTCUSD pushed to a rejection of the 1.618 fib of the previous trading range. I believe that this level should continue to consolidate, as it has re-entered the pennant on the daily timeframe, from which we fell upon breaking down 7,000. I believe the previous range's 1.272 fib level at 7,155 should hold as the last support. If this level breaks, I believe any expectation of uptrend continuation should be diminished, with exception of a deadcat bounce on a 7,000 retest. However, if we are able to hold above this level, I believe we are on route to testing the 0.5 fib level of the larger range, at 7,866, with potential of testing the resistance line of the pennant in the 8,200 range.
I am rather optimistic on a visit to 7,800 levels and would recommend building out a large portion of running positions at this level. Granted a possibility for continuation, I would personally only risk the remaining 25% of running positions.
Contrary to popular thought, I believe this move will come at the expense of alt-usd pairs, which will fail to surpass their local highs and continue their retrace, due to newly developing negative correlation patterns. For further understanding of this idea, refer to my post:
tl;dr: I remain bullish on BTCUSD and believe it will vastly outperform alt-usd pairs.
Happy trading!
My targets are derived by Fibonacci levels, primarily those established by the most recent trading range, established by the highs on June 18th and lows on June 24th, as well as the larger set of Fibonacci levels, established from the $10,000 touch on May 5th, down to the lows of June 24th.
After a breakout of the .236 level on the larger fib at 6,750, BTCUSD pushed to a rejection of the 1.618 fib of the previous trading range. I believe that this level should continue to consolidate, as it has re-entered the pennant on the daily timeframe, from which we fell upon breaking down 7,000. I believe the previous range's 1.272 fib level at 7,155 should hold as the last support. If this level breaks, I believe any expectation of uptrend continuation should be diminished, with exception of a deadcat bounce on a 7,000 retest. However, if we are able to hold above this level, I believe we are on route to testing the 0.5 fib level of the larger range, at 7,866, with potential of testing the resistance line of the pennant in the 8,200 range.
I am rather optimistic on a visit to 7,800 levels and would recommend building out a large portion of running positions at this level. Granted a possibility for continuation, I would personally only risk the remaining 25% of running positions.
Contrary to popular thought, I believe this move will come at the expense of alt-usd pairs, which will fail to surpass their local highs and continue their retrace, due to newly developing negative correlation patterns. For further understanding of this idea, refer to my post:
tl;dr: I remain bullish on BTCUSD and believe it will vastly outperform alt-usd pairs.
Happy trading!
การซื้อขายยังคงดำเนินอยู่:
Sold 50% at 7790, the first 25% at 7530. Leaving 25% for potential continuation, but expecting a diverging top with a low likelihood of exceeding 7860 (0.5 fib)
ปิดการเทรด: ถึงเป้าหมายการทำกำไร:
Well, all the targets hit.
I was not anticipating a breakout of this magnitude, sold my remaining 25% of the position between 7,800-7,850. Will post further analysis as the trend settles and becomes more clear at this resistance point (8,300 at time of update)
Happy bull market :)
I was not anticipating a breakout of this magnitude, sold my remaining 25% of the position between 7,800-7,850. Will post further analysis as the trend settles and becomes more clear at this resistance point (8,300 at time of update)
Happy bull market :)