Bitcoin Analysis and key areas to watch- #BTC $BTC #XBT $XBT
Hello all and thank you for reading my thoughts on how to trade BTC. Keeping it simple with this analysis as it has been working very well lately.
After a good uptrend BTC is now retracing. We can see that it retraced quickly to the .5 fib level, and later tapped the golden pocket, being the .65-.618 fib level. The price returned to the .618 level and looks to be trying to find some support here. The golden pocket is typically a likely area for the start of a new uptrend, or a good long scalp if the downtrend was to continue.
There are two levels marked on the chart that previously acted as support and resistance . If you are not already in a position I would wait to see how the price reacts to these areas before entering, as the price is currently just hanging.
If you are looking to short then 3790 would be a good area to watch. If the current support at 3610 breaks down that would also be a good opportunity to enter a short.
If you are looking to long, wait for a retest of the support at 3610 and then target the 3790 resistance as your first take profit.
For now I would sit out and wait for further confirmation.
Happy trading.
After a good uptrend BTC is now retracing. We can see that it retraced quickly to the .5 fib level, and later tapped the golden pocket, being the .65-.618 fib level. The price returned to the .618 level and looks to be trying to find some support here. The golden pocket is typically a likely area for the start of a new uptrend, or a good long scalp if the downtrend was to continue.
There are two levels marked on the chart that previously acted as support and resistance . If you are not already in a position I would wait to see how the price reacts to these areas before entering, as the price is currently just hanging.
If you are looking to short then 3790 would be a good area to watch. If the current support at 3610 breaks down that would also be a good opportunity to enter a short.
If you are looking to long, wait for a retest of the support at 3610 and then target the 3790 resistance as your first take profit.
For now I would sit out and wait for further confirmation.
Happy trading.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.