As we can currently see, bitcoin has recently had a minor correction from the $7,400 level to $6,880 at the time of making this post. In this $6,880 zone we are placed directly on a heavy support zone short term. Should we happen to fall below $6,700 , I will be targeting $6,400 followed by $5,800.
At the moment we can see that we are being held down by:
- weekly 100 EMA
- Fibonacci 0.50 level
- Previous major support from $6,900 - $7,300
If we happen to close the weekly candle below these levels then i will definitely be expecting sub $6,000 levels short term. In this case I will be targeting $5,400 as a goal for accumulation and potential long opportunities based on PA.
What am i currently doing?
I was waiting for a short entry at the $7,500 level, however price came just shy of the area before falling. As a result of this i decided to stay out of the trade in the best interest of risk management.
I'm currently holding cash and waiting for re-entry positions. I am by no means a financial guide and what i say should only be taken as an opinion and not a guide. However, if you did not get a short entry on this trade then i would highly advise against opening one now, instead just be patient and wait for the next opportunity. There is no harm done in missing a trade but a lot of harm to be done in taking a trade that you should not have. Anyways, off topic rant but i'm waiting for re'entries for long term positions with halving coming up and all.
Let me know your opinions I would love to hear. And if you guys enjoy these ideas then I would really appreciate if you could leave a like and consider following for more updates. Thanks and good luck!
At the moment we can see that we are being held down by:
- weekly 100 EMA
- Fibonacci 0.50 level
- Previous major support from $6,900 - $7,300
If we happen to close the weekly candle below these levels then i will definitely be expecting sub $6,000 levels short term. In this case I will be targeting $5,400 as a goal for accumulation and potential long opportunities based on PA.
What am i currently doing?
I was waiting for a short entry at the $7,500 level, however price came just shy of the area before falling. As a result of this i decided to stay out of the trade in the best interest of risk management.
I'm currently holding cash and waiting for re-entry positions. I am by no means a financial guide and what i say should only be taken as an opinion and not a guide. However, if you did not get a short entry on this trade then i would highly advise against opening one now, instead just be patient and wait for the next opportunity. There is no harm done in missing a trade but a lot of harm to be done in taking a trade that you should not have. Anyways, off topic rant but i'm waiting for re'entries for long term positions with halving coming up and all.
Let me know your opinions I would love to hear. And if you guys enjoy these ideas then I would really appreciate if you could leave a like and consider following for more updates. Thanks and good luck!