Short

$BTC Weekly Chart

Updated

weekly chart with Fibonacci extensions from the low in December 2018 and the ATH in November 2021.

I've been using this chart for a couple years to swing trade Bitcoin using the Fibonacci levels as supports and resistances.

Bitcoin broke through resistance of the purple rising channel while also breaking the Fibonacci resistance at $36,000. I took out a long at $36,500 with a target price of $44,000, the next Fibonacci resistance. The target reached quickly and closed the position at $44,000. The Fibonacci level was then rejected and I took out a smaller short at $44,000. Still holding this position with a target of the support of the purple rising channel it recently broke out of. This will be around $38,000-$39,000. I will half of this position at $40,000 as this will act as a psychological support. Good luck trading.

Note

Typo; I will close half of this position at $40,000 as this will act as a psychological support.

Note

Closed half of short position at $42,500 for small profit. Stop loss at $45,000 for the rest.

Note

Chart looks bullish. Closed rest of short position at $43,000. Waiting for a the chart to react at my levels to take another position.

Sethonomics

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