Bitcoin long idea
The fib retracement is holding well here, and has formed a channel between the 05 and 0.382 retracement. It is looking to break the overhead down trend on the LTF and could make a move to the overhead (4hr macro resistance, ~23,500).
We could see a strong break through resistance here and a really towards historical price action support(turned resistance0 of ~26500.
We could take a position here now, or we could wait for confirmation.
If price does do well here, we can trail our stops accordingly.
Too me, bitcoin is a risk off asset, and a long term hold, so any trade here is good imo.
We could see a strong break through resistance here and a really towards historical price action support(turned resistance0 of ~26500.
We could take a position here now, or we could wait for confirmation.
If price does do well here, we can trail our stops accordingly.
Too me, bitcoin is a risk off asset, and a long term hold, so any trade here is good imo.
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