BTCUSD retraced its trend down of mid January LONG
Updated
Bitcoin has retraced the trend down from the January 11 pivot high. The retracement is 0.5 Fib
level. The zero-lag MACD and dual TF RSI both show bullish momentum. I believe BTCUSD
may consolidate here and then at least by the Luxalgo Echo indicator bullish continuation
will restart. I see a good entry at 43800 with a stop loss below the 0.5 Fib level at 43250
which would be about 1.25% My target at the second upper VWAP band line is 47800 or about
8% upside. This is confluent with the 0.618 Fib extension. The reward to risk would be 4000 /
550 or about 7.
level. The zero-lag MACD and dual TF RSI both show bullish momentum. I believe BTCUSD
may consolidate here and then at least by the Luxalgo Echo indicator bullish continuation
will restart. I see a good entry at 43800 with a stop loss below the 0.5 Fib level at 43250
which would be about 1.25% My target at the second upper VWAP band line is 47800 or about
8% upside. This is confluent with the 0.618 Fib extension. The reward to risk would be 4000 /
550 or about 7.
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What is good for Bitcoin is good for the crypto-related stocks like BTCS, BTBT, RIOT and MARA.
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Narrow range consolidation for now.Note
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