BTC Strategy 12th October

BTC Strategy

As announced this morning, Bitcoin is currently trading in a range from support at $6260 to resistance at $6350. BTC currently stands at $6324, below the 23.6% retracement of Fibonacci.

As the market is uncertain, we must favor short-term trading strategies. We can see on the graph below that the 23.6% retracement, extension and $6350 level form a resistance zone.

If the latter is broken up, a position can be initiated to target $6420 and $6460.

Summary of the strategy

Buy: as close as possible to 6350$ if break confirmed
T1 : $6420
T2 : $6455
Stop: $6320 after breakage