BitcoinLong
BTCUSD Next Up Target: Update
Following up on my previous idea, we have indeed seen a generally bullish move here. I am however updating the midpoint to a new level (breakout point, circled) which gives us a slightly higher target zone of 11430 and above. When more bullish pressure builds as it has in this cycle, it can skew bullish targets to the upside.
I have removed all other fib levels on this chart to emphasize how this method works: The 100% fib level is placed on a significant swing low, 9323 in this case. Then the fib tool is drawn and expanded upwards until the 50% fib level is placed through what can be perceived as a midpoint, or the halfway point, of this current upmove. The 0% fib level then tells you where you can expect price to reach before this up cycle is over. So I'm positioned long here and will sell some longs when the 0% level is reached. Whether or not the 0% level (11430) will be a good place for shorts remains to be seen. Don't always expect a major pullback when the target is reached, sometimes price will just pause or correct slightly. That might be the case here as I sense a larger more powerful bullish move on larger timeframes is moving back into BTC. Great times ahead!!
I have removed all other fib levels on this chart to emphasize how this method works: The 100% fib level is placed on a significant swing low, 9323 in this case. Then the fib tool is drawn and expanded upwards until the 50% fib level is placed through what can be perceived as a midpoint, or the halfway point, of this current upmove. The 0% fib level then tells you where you can expect price to reach before this up cycle is over. So I'm positioned long here and will sell some longs when the 0% level is reached. Whether or not the 0% level (11430) will be a good place for shorts remains to be seen. Don't always expect a major pullback when the target is reached, sometimes price will just pause or correct slightly. That might be the case here as I sense a larger more powerful bullish move on larger timeframes is moving back into BTC. Great times ahead!!
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.