Bitcoin - Textbook retrace?
Bitcoin looks as though it is heading for a textbook retrace before looking to move higher.
0.5 fib is a good buying area
bounce on the kijun is a good buying area
200 day MA is a good support
TD has 4 more days of downside until a possible 9 buy
I had charted a symmetric triangle (not shown) this has a target for the red box.
The red box seems to align all this TD but there is also another factor:
On the 4H chart, there the bottom of the ichi cloud is also within this red box.
**NOT FINANCIAL ADVICE**
I will be taking a long, scaling in from the start of the red box, Tight stop loss around $150 and $250 below.
If we break these areas then we look for the 0.618 fib retrace which crypto seems to also love.
0.5 fib is a good buying area
bounce on the kijun is a good buying area
200 day MA is a good support
TD has 4 more days of downside until a possible 9 buy
I had charted a symmetric triangle (not shown) this has a target for the red box.
The red box seems to align all this TD but there is also another factor:
On the 4H chart, there the bottom of the ichi cloud is also within this red box.
**NOT FINANCIAL ADVICE**
I will be taking a long, scaling in from the start of the red box, Tight stop loss around $150 and $250 below.
If we break these areas then we look for the 0.618 fib retrace which crypto seems to also love.
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