2/7/2018 BTC-USD Bitfinex Chart Analysis
Updated
* At the time of publishing this post, I do not have any position with BTC 7.94% .
If you're a long term trader, or alike, I would advise against taking any position at this time.
I'd recommend taking position at:
(1) 6292, 0.618 Trend Based Fib, with tight stop loss at $6000
(2) Upon seeing significant reaction (strength of the movement) at the yellow trendline (8400 ish -11.11% ), This way you can put a reasonable stop loss right below Resistance #1
(3) Upon seeing significant reaction to the bottom red trend line .
(4) Of course, the safest bet would be taking position upon seeing 9200-9300 hold.
(5) Simply at $5000.
Please note that we are still in the bear market. You could easily slip out if you chase the price action.
Patience is virtue.
If you're a long term trader, or alike, I would advise against taking any position at this time.
I'd recommend taking position at:
(1) 6292, 0.618 Trend Based Fib, with tight stop loss at $6000
(2) Upon seeing significant reaction (strength of the movement) at the yellow trendline (8400 ish -11.11% ), This way you can put a reasonable stop loss right below Resistance #1
(3) Upon seeing significant reaction to the bottom red trend line .
(4) Of course, the safest bet would be taking position upon seeing 9200-9300 hold.
(5) Simply at $5000.
Please note that we are still in the bear market. You could easily slip out if you chase the price action.
Patience is virtue.
Trade active
Short order placed. Bearish Engulfing pattern has been spotted. Divergences show that current price level has reached extremely overbought area. Stop Loss at 9400.Note
For those who have shorted, my targets are 7500, and then 7000.Btc Price currently 6% down from where I shorted.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.