Long BTCUSD on break of weekly high/low range Nov 20
Updated
1. Long on break of Nov 8 weekly high
2. Strategy: Break of weekly high low range on strong volume
3. Target 1: 127.0% Fib extension of weekly high/low range - move stop to breakeven
4. Target 2: 161.8% Fib extension of weekly high/low range - take 100% profit
5. Stop: Below 89.0 Fib of weekly high/low range
6. Potential RR: 1:2.73
7. The break saw upwards momentum change from last week's range-bound momentum ( RSI & RSI Composite index)
8. RSI Composite Index & RSI levels greater than moving averages
9. RSI Composite Index & RSI moving average crossed higher
10: Concerns: Daily chart show negative divergence in price and momentum
Trade active
Entry: $8,081.10 (break of 100.0 Fib of weekly high/low range) Stop: $7,706.80 (89.0 Fib of weekly high/low range)
Target 1: $8,574.80 (127.0 Fib extension of weekly high/low range)
Target 2: 9,444.70 (161.80 Fib extension of weekly high/low range)
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