BTC/USD Retrace to Fib & Turn Resistance to Support.
Updated
Bitcoin broke out of its trading range yesterday just as predicted. (tradingview.com/chart/BTCUSD/LzyztNoC-BTC-USD-Trade-set-up/)
Now we are looking for the next move. After such a big green candle, a healthy retracement to the .618 fib can be expected. This level will coincidentally line up to test the previous resistance ~8400 to see if it can turn to support.
This is not a certainty, but if the price does retrace to this level it would be an attractive short term entry point.
Happy Trading!
Now we are looking for the next move. After such a big green candle, a healthy retracement to the .618 fib can be expected. This level will coincidentally line up to test the previous resistance ~8400 to see if it can turn to support.
This is not a certainty, but if the price does retrace to this level it would be an attractive short term entry point.
Happy Trading!
Note
And if anyone is wondering what sparked the breakout yesterday, just take a look at the daily MACD. It posted a crossover right before the rally, coincidence? I think not. MACD Crossovers have always been one of the strongest indicators for BTC. Trading purely on MACD crossover is a strategy that would have yielded 70% over the past 2 years. Buy and hold is still a better strategy, but MACD is a powerful tool for swing trading.
Note
Seems to have retraced pretty accurately. Time to start scaling in long.
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