BitcoinPanjang
BTC's technical failure of the bear market.
Bear markets will tend to hold 76 retracements.
They do not often hit 86 fibs. Hitting 86 fibs tends to skew more to the reversal. This is why you always see me trading off 76 fibs. I know my zone of tolerance for where I am wrong is very small and I have at least 1:3 RR on the trade. The trade does not fail 60% of the time (Unless traded against a trend) - and this makes the 76 continuation trade a real no-brainer.
But when the 76s break, I get out. That's my exit signal.
Sometimes get whipsawed on these, but not very often. The risk for bears is too high now IMO. They need to get back under the 61 fib (20,700). I'd consider the bear case again if we did.
if not, we might be due to see a big squeeze of the chasing shorts.
They do not often hit 86 fibs. Hitting 86 fibs tends to skew more to the reversal. This is why you always see me trading off 76 fibs. I know my zone of tolerance for where I am wrong is very small and I have at least 1:3 RR on the trade. The trade does not fail 60% of the time (Unless traded against a trend) - and this makes the 76 continuation trade a real no-brainer.
But when the 76s break, I get out. That's my exit signal.
Sometimes get whipsawed on these, but not very often. The risk for bears is too high now IMO. They need to get back under the 61 fib (20,700). I'd consider the bear case again if we did.
if not, we might be due to see a big squeeze of the chasing shorts.
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