So as BTC pushes even higher and higher the question is the top in?
Personally I do not think so and still targeting 48-50k. I do believe we are reaching the top of our momentum cycle and should expect high volatility BUT a higher high on the price forming daily divergence on our oscillator.
Confluence for the 48-50k area is pretty rich. Looking at the volume price when price previously traded in this area the value area high was 48-50k. When pulling a fib retrace from 69 high -15500 low the 61.8 retrace level is 49300/ For further confluence if we consider a measured move from last time we broke trend on this push up a perfect ABC measured move is coming out at 48-50k area also.
Current trading plan is to hold long for 48-50k BUT expecting some major volatility.
Trade Well......
Personally I do not think so and still targeting 48-50k. I do believe we are reaching the top of our momentum cycle and should expect high volatility BUT a higher high on the price forming daily divergence on our oscillator.
Confluence for the 48-50k area is pretty rich. Looking at the volume price when price previously traded in this area the value area high was 48-50k. When pulling a fib retrace from 69 high -15500 low the 61.8 retrace level is 49300/ For further confluence if we consider a measured move from last time we broke trend on this push up a perfect ABC measured move is coming out at 48-50k area also.
Current trading plan is to hold long for 48-50k BUT expecting some major volatility.
Trade Well......
Related publications
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.
Related publications
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.