Bitcoin Pullback Targets – Take II

22 มิ.ย. 2023

TLDR:

• This Idea is for those that want to increase position size or to enter long.
  
• Currently it is not sure we will get a retrace. This Idea is to prepare myself (and you, if you’re interested) in case we get a pull back.
  
• I listed my pullback targets with what confluence I could find.
  
• Please read my previous Ideas (linked) because they provide context.
  

Pullback Targets:
• 0.236: If you intend to place a limit order your SL should be wide, at least IMO. Let me just add that Bitcoin is overheated, and I am not confident that such a shallow pullback is healthy for further continuation.
• 0.382: Confluence with the ChoCh and just above the Fixed Range PoC. The 28.5K is a historic support/resistance level. I think that if Bitcoin does pullback, it will find support at this level.
• 0.5: Deep, but healthy correction. Just below the range PoC and close to the support trendline.
• 0.618: Relatively deep pullback. If we get that low, we will be touching the uptrend support line and just above the demand area. Medium confidence, IMO. We’ll have to see if it holds.

• f we examine the impulse of March 11th -17th. It was a relentless uptrend with no stops to onboard sidelined traders. The first impulse coming off of the bear market was the same. Check my linked idea for more context.
  

Trade Idea:

• Entry: 28347 (0.382 fib)
  
• SL: 27427 (below the 0.5 fib)
  
• Target: 39K
  
• TP: 31K, 33K, let the rest ride.
  

NFA.
What do you think? Please share in the comments.
Best wishes to all.