When I plan I look at all the swings, move swings and minor swings. The idea is to try and work out where the majority of the Bulls or Bears will be.
BCC has ATH 4198 (depending on your exchange).
Price has fibbed (reacted) from the 618 of the entire move = 2720
The hourly chart tells me that BCC is now bullish and a trade could be taken from here. Price will go up from here attempt to make a Higher high then return to the scene of the crime - the previous swing high made on NOV 12 (see chart)
However when I pulled the fibs from this area and looked at the targets - the move swing and the previous swing price extensions did not correlate. ie 127% of the move swing and the 161.8% of the projected retracement level from this point in time.
I am looking for overlapping targets to work out where the BULLS will buy in and take us to 5237ish my projected target.
If I take the fib study from the deeper retracement level (one more notch down) and the role reversal doji made near NOV 12 @ 2480ish we can see that this is the ideal area to take the trade.
If we see price action from this level on an hourly I will take the trade - a higher high and a higher low I will take the trade. I look for several 1-2-3 patterns to confirm my plan and mitigate my risk.
The 1st target to take some off the table is 4670 the 127.0 price extension of the next bullish wave.
My final target is 5237ish to take 50% profit and wait for the next dip.
BCC/USDT
BCC has ATH 4198 (depending on your exchange).
Price has fibbed (reacted) from the 618 of the entire move = 2720
The hourly chart tells me that BCC is now bullish and a trade could be taken from here. Price will go up from here attempt to make a Higher high then return to the scene of the crime - the previous swing high made on NOV 12 (see chart)
However when I pulled the fibs from this area and looked at the targets - the move swing and the previous swing price extensions did not correlate. ie 127% of the move swing and the 161.8% of the projected retracement level from this point in time.
I am looking for overlapping targets to work out where the BULLS will buy in and take us to 5237ish my projected target.
If I take the fib study from the deeper retracement level (one more notch down) and the role reversal doji made near NOV 12 @ 2480ish we can see that this is the ideal area to take the trade.
If we see price action from this level on an hourly I will take the trade - a higher high and a higher low I will take the trade. I look for several 1-2-3 patterns to confirm my plan and mitigate my risk.
The 1st target to take some off the table is 4670 the 127.0 price extension of the next bullish wave.
My final target is 5237ish to take 50% profit and wait for the next dip.
BCC/USDT