BitcoinLong
BTC/USD
1)My main idea need Price to stay below 13868 level so i think BTC will drop till 1500 area ( green box ) where i will buy it targeting again at least 19800 level, my main target is 1.618% Fib ( From all time low level near 110 to all time high near 19800 level ).
2)If price close above 13868 level i will buy at the possible retest targeting all time high, in this scenario i think that if price reach all time high i will close my position becouse i think price need to go lower before keep going up but be careful look at 18/12/2017 weekly candle; it is a bearish engulfing and it means that 19800 level is good to short with a small stop so a good RR but we need to see price action before to take the trade.
So finally
I will BUY at green box ( Best RR ) or at the break and retest of 13868 level ( Good RR )
I will SELL ONLY at point n°2 if price respect the Bearish engulfing
2)If price close above 13868 level i will buy at the possible retest targeting all time high, in this scenario i think that if price reach all time high i will close my position becouse i think price need to go lower before keep going up but be careful look at 18/12/2017 weekly candle; it is a bearish engulfing and it means that 19800 level is good to short with a small stop so a good RR but we need to see price action before to take the trade.
So finally
I will BUY at green box ( Best RR ) or at the break and retest of 13868 level ( Good RR )
I will SELL ONLY at point n°2 if price respect the Bearish engulfing
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.