Bitcoin weekly parabolic retracement (long after dip)
Hey guys, I got a BTC weekly market update and this is how I'm gonna do it.
All the white arrows demonstrates, whenever BTC has a parabolic push/run, it will always retest the EMA as shown historically. AKA a healthy "correction". So with a parabolic pump currently, bitcoin should very likely retest its EMA, i have tried to fill in the future EMA, it will not be 100% accurate.
ATH to ATL Weekly Fibonacci shows a 61.8% retracement. to some this might not be valid but if you're counting the weekly or month it does make sense IMO.
ATL to 2019 ATH 38.2% or 61.8% Fibonacci retracement. For bitcoin to be in a healthy bull run, the candle should close above the weekly EMA, candle wicking should be expected.
Red arrows shows the possible chance of retracing Fibonacci levels. Green circle shows how over bought it was on the EMA and RSI.
As much as I am emotionally feeling pretty bullish for bitcoin, if the weekly candle closes severely under the weekly EMA and breaks the ATL. I am afraid it would have been a fake out. Just remember, there is always a chance of this happening (highly unlikely). Do not be blinded by emotions.
I personally would be entering with low leverage (2x) staggering from the 38.2% Fibonacci to 61.8% and calling quits at about 6700. In a voliatile market, if you want to fish a good trade, I would lower all leverage but up all staggers. Remember there is no shame in using low to no leverage.
All the white arrows demonstrates, whenever BTC has a parabolic push/run, it will always retest the EMA as shown historically. AKA a healthy "correction". So with a parabolic pump currently, bitcoin should very likely retest its EMA, i have tried to fill in the future EMA, it will not be 100% accurate.
ATH to ATL Weekly Fibonacci shows a 61.8% retracement. to some this might not be valid but if you're counting the weekly or month it does make sense IMO.
ATL to 2019 ATH 38.2% or 61.8% Fibonacci retracement. For bitcoin to be in a healthy bull run, the candle should close above the weekly EMA, candle wicking should be expected.
Red arrows shows the possible chance of retracing Fibonacci levels. Green circle shows how over bought it was on the EMA and RSI.
As much as I am emotionally feeling pretty bullish for bitcoin, if the weekly candle closes severely under the weekly EMA and breaks the ATL. I am afraid it would have been a fake out. Just remember, there is always a chance of this happening (highly unlikely). Do not be blinded by emotions.
I personally would be entering with low leverage (2x) staggering from the 38.2% Fibonacci to 61.8% and calling quits at about 6700. In a voliatile market, if you want to fish a good trade, I would lower all leverage but up all staggers. Remember there is no shame in using low to no leverage.
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