Bitcoin / Tether
Panjang

BTCUSDT- Identifying several levels of retracement.

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I'm watching BTC carefully to see where the Bulls are hiding limit orders.
I have identified several levels of where price will stablise retrace then price action of a Higher low and a higher high occurs on an hourly time frame.
Using the 4hr chart I have drawn a fib of price action from a previous swing low and another from a more recent swing low.
Now I can see where confluence occurs of fib levels and order flow - resistance or support occurs.
1) 61.8% level occurs very near the 50% level of the two swings = 11785
2) 161.8 of the 1st corrective wave after the high fib extension = 11783
3) 50% retracement level from the swing low 12.11 to the high = 11107
4) Order flow support and resistance (role reversal) = 11228-11500

This is how I trade) I need 3 reasons to trade - mean reversion (when price has moved exponentially- it will usually retrace to a 50% level before making a higher high. If this area overlaps then I have a low risk trade setup. I don't mind if I loose as my rules will work 7 out of 10 times so I stack the odds in my favour by doing the same thing over and over. That's why I am successful- no other reason.
If price moves higher from this level that I have identified I now look at where I will take a little bit of the table to re-enter the trade again.
The extension level of 127% of the overall swing =19826
The extension level of 127% of the most previous swing =19052
If price corrects to the identified level the 161.8 =19974
Then we look at 21864, 23747 as our next levels to take profit and wait for a correction to add to our holdings.

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