Bitcoin short term target with tight stops & re-entry opportunit
Short term target (days) = ~$8,200
Short term tight stop = ~$7,650
(These are based on a closed candle on the 1 hour chart)
Short term re-entry target ~$6,840
Comment:
BTC is in a well defined short term upward channel (Green)
The modified long term upward channel (Red) is likely to inhibit short term longs.
Obvious divergence on the RSI indicates a likely short term retrace is imminent, but possibly only after reaching the top of the red channel ~$8,200
A clear break of the short term green channel offers the opportunity to protect profits with re-entry around the orange support line based on 50% retracement.
Observations could expire within 24 hours.
About me and my system:
I am a currency tech analyst with 17 years experience and thousands of hours of chart observations. My insights are based on strict (unorthodox) rules for drawing long-term (red) trend lines (generally lasting months), medium term (orange) trendlines (generally lasting weeks) and short term green trend lines that usually last for days.
Short term tight stop = ~$7,650
(These are based on a closed candle on the 1 hour chart)
Short term re-entry target ~$6,840
Comment:
BTC is in a well defined short term upward channel (Green)
The modified long term upward channel (Red) is likely to inhibit short term longs.
Obvious divergence on the RSI indicates a likely short term retrace is imminent, but possibly only after reaching the top of the red channel ~$8,200
A clear break of the short term green channel offers the opportunity to protect profits with re-entry around the orange support line based on 50% retracement.
Observations could expire within 24 hours.
About me and my system:
I am a currency tech analyst with 17 years experience and thousands of hours of chart observations. My insights are based on strict (unorthodox) rules for drawing long-term (red) trend lines (generally lasting months), medium term (orange) trendlines (generally lasting weeks) and short term green trend lines that usually last for days.