Today we're focusing back on BTCUSD .
From our all time high on the 6th and 9th of November we have seen the market
drop by almost 2000 points in a space of 4 days. Although we have recovered we are now at
a crucial zone of 61.8 % fib which also coincides with psychological number of 7000 dollars.
If we are to surpass and daily candle body holds above 7000 zone, then we can look for long
targets between 8072 ~ 8319. For a safer way to trade long, we can see the price break above
to 7500, wait for a retracement for long entry.
If our candle does not hold above 7000 for daily and we see:
- Divergence sloping down
- Long Exhaution red candle
- Long candle
then we can look for a simple way to trade short using legs and target:
- Target 1 @ 5862
- Target 2 @ Between 5150 ~ 5300
I'm confident at this point that the candle must be full bodied and maintain below 6600
in order for a sentiment.
I will keep a close eye out on this pair this week.
As always trade with a plan and safe trading