BTC Trading Diaries #3: Trading the retracement

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BTCUSDTPERP

We observer two large movements downwards, both followed by consolidation periods.

Key resistance touched twice on 1H chart, so we anticipate some possible movement upwards. Like the previous pattern, this could be a sign of another fake out upwards, then breakdown.

We set a trade to enter near the 0.5 fib retracement of the previous downward movement. This corresponds to where supply zone is, as well as closer to the 89-day EMA.

Profit target is just above where we observe the demand zone on 4H chart.

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