Bitcoin Pullback Targets & Positioning
Updated
TLDR:
• This Idea is for those that want to increase position size or to enter long.
• Currently, Bitcoin crossed the 31K resistance and I am fairly certain that liquidity is to the downside.
• In addition, on the lower timeframes bearish divergences are forming which is a sign of exhaustion. I think we will get a pull back shortly, maybe during the weekend.
• I listed my pullback targets with what confluence I could find.
• Please read my previous Ideas (linked) because they provide context.
Pullback Targets:
Trade Idea:
• Entry: 28,739 (0.382 fib)
• SL: 27,700 (below the 0.5 fib)
• Target: 39K
• TP: 31K, 33K, let the rest ride.
Bearish Div. 4H
NFA.
What do you think? Please share in the comments.
Best wishes to all.
• This Idea is for those that want to increase position size or to enter long.
• Currently, Bitcoin crossed the 31K resistance and I am fairly certain that liquidity is to the downside.
• In addition, on the lower timeframes bearish divergences are forming which is a sign of exhaustion. I think we will get a pull back shortly, maybe during the weekend.
• I listed my pullback targets with what confluence I could find.
• Please read my previous Ideas (linked) because they provide context.
Pullback Targets:
- 29,993 R.B.R Demand Zone: This is a newly formed demand zone formed out of a rally candle, base candle and a rally candle (June 21st -23rd ). I think it is too optimistic to expect this level to hold but this will be my first position 1/6.
- 0.236, 29,764: The 0.236 retracement is just inside the newly formed demand zone. The march rally is the blueprint I go by for this rally. In March, the 0.236 was pierced but the wick didn’t even reach the 0.382 level. For this reason, this will be my second position. 2/6
- 0.382, 28,739: On the March rally Bitcoin did not even touch the 0.382 retracement. However, it is just above the 28.5K level which historical support for bitcoin. I think It is probable that Bitcoin will get there, and this level is where I will position the rest 3/6.
- 0.5, 27,937: It is possible that bitcoin will reach this level. Bitcoin will remain bullish if it does. I am taking into consideration that my position may be underwater for a short period if it does.
Trade Idea:
• Entry: 28,739 (0.382 fib)
• SL: 27,700 (below the 0.5 fib)
• Target: 39K
• TP: 31K, 33K, let the rest ride.
Bearish Div. 4H
NFA.
What do you think? Please share in the comments.
Best wishes to all.
Trade active
First target hit
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