As everyone probably has, I've been looking closely at BTC the past few days as it has been going down to see how far this thing can go.
We have just bounced off a support line which has been tested 4 times now so this seems like a strong support area now. Plus this bottom triangle (circled) has shown again which has been prevalent in past scenarios when BTC has been correcting for a while. Also, the MACD is showing positive signs for BTC to continue it's run up.
If we can break the resistance line we are currently at then I think the next target will be 20K and can hope there's enough buying to break through that until our second target.
However, if we do not break this and we end up testing that support again, I think that we will be heading down towards the 0.382 to 0.618 Fib levels shown here.
I have made a trade at 17k but I probably jumped the gun here and should've waited however I have my plan and that's most important! I will be exiting below the support line.
Happy Trading!
We have just bounced off a support line which has been tested 4 times now so this seems like a strong support area now. Plus this bottom triangle (circled) has shown again which has been prevalent in past scenarios when BTC has been correcting for a while. Also, the MACD is showing positive signs for BTC to continue it's run up.
If we can break the resistance line we are currently at then I think the next target will be 20K and can hope there's enough buying to break through that until our second target.
However, if we do not break this and we end up testing that support again, I think that we will be heading down towards the 0.382 to 0.618 Fib levels shown here.
I have made a trade at 17k but I probably jumped the gun here and should've waited however I have my plan and that's most important! I will be exiting below the support line.
Happy Trading!
I will exit the trade and set buy orders at these retracement levels.