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🟢Forex Pair:
BITCOIN/USD
⚪Technical Analysis:
Since the end of January 2021, the price has been following a strong uptrend, and we saw the price reaching an important level at about 58.500 on the 21st of February 2021.
On that level, a strong rejection moved the price down until the level at about 45k and it is currently re-testing the same level.
Considering the Fibonacci retracement, the price got a correction at about the 0.50% and there is a possibility to see it growing again.
🔴Conclusion:
During the last 2 months, the price increased so much and I believe is normal to see now a trend correction before a continuation.
I'll be waiting for the price reaching the level at about 48k before planning my long position on this trade and my setup would be as the following explanation:
-The entry point around the level 48800, just above the minor S/R zone;
-The take profit around the 60k as a possible new target and high;
-The stop loss at about 42300, below the current S/R zone.
This setup is only a premature idea, I'll be waiting for the price action to define every detail!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
BITCOIN/USD
⚪Technical Analysis:
Since the end of January 2021, the price has been following a strong uptrend, and we saw the price reaching an important level at about 58.500 on the 21st of February 2021.
On that level, a strong rejection moved the price down until the level at about 45k and it is currently re-testing the same level.
Considering the Fibonacci retracement, the price got a correction at about the 0.50% and there is a possibility to see it growing again.
🔴Conclusion:
During the last 2 months, the price increased so much and I believe is normal to see now a trend correction before a continuation.
I'll be waiting for the price reaching the level at about 48k before planning my long position on this trade and my setup would be as the following explanation:
-The entry point around the level 48800, just above the minor S/R zone;
-The take profit around the 60k as a possible new target and high;
-The stop loss at about 42300, below the current S/R zone.
This setup is only a premature idea, I'll be waiting for the price action to define every detail!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
