Hello traders,
Decided to add one more last chart before things likely get crazy today.
0.618 fibonacci (golden pocket) which is a good spot for bounces in most cases is in the same zone as BTC needs to fall to in order to retest the downtrend to confirm bullish strength before continuing to the upside and possibly reaching $51,700 - $52,700.
1.618 fibonacci is at $52,702.
2.618 fibonacci is at $56,483.
Once my buy order gets filled on this retest I'll likely hold the position until September 7th because I'm thinking it could be the top before a massive correction to the downside.
Coinbase IPO was the top at current ATH's and the El Salvador turning bitcoin into a legal tender gives me similar vibes in terms of a narrative used to lure retail into thinking we go higher so big players can get out of their longs/spot bags and fill their shorts.
Please like/comment, thank you.
👍
Decided to add one more last chart before things likely get crazy today.
0.618 fibonacci (golden pocket) which is a good spot for bounces in most cases is in the same zone as BTC needs to fall to in order to retest the downtrend to confirm bullish strength before continuing to the upside and possibly reaching $51,700 - $52,700.
1.618 fibonacci is at $52,702.
2.618 fibonacci is at $56,483.
Once my buy order gets filled on this retest I'll likely hold the position until September 7th because I'm thinking it could be the top before a massive correction to the downside.
Coinbase IPO was the top at current ATH's and the El Salvador turning bitcoin into a legal tender gives me similar vibes in terms of a narrative used to lure retail into thinking we go higher so big players can get out of their longs/spot bags and fill their shorts.
Please like/comment, thank you.
👍
Trade active
I'm taking a break from posting TA, enjoy the month of September and good luck to you all. Hope I've brought good insight to you all but it's time to focus on my own personal trades without leaking my thought process for once
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.
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.