BTC BTCUSDT 44500-47000 retrace zone? (fibonacci) & 47k setup
Updated
Hello everyone,
I am very glad that our bullish plan worked out from the 34-37k BTC zone. The reason for our bullishness was the news available at that time, there was a lot of bullish news incoming and there was actually a lack of bearish news. Therefore the dump towards 30k from that point would have made no sense, since markets were resetting. Ofcourse a fear candle can always happen, but I had the idea that this was already the issue from 34-36k. People simply oversold and we used this bright opportunity back then. I should have gone harder on the long, but we had 2 lines to cross (blue and red one) so it was a dangerous position.
(A good example of this news is the Ukraine / US / Russia situation which is just utter BS. There is no WW3 coming because of that, let's stop making ourselves crazy :-) )
Anyway, BTC is now at the level it is supposed to be in my opinion, which is between 40 to 45k. Comparing it to stockmarkets that makes sense.
Chartwise I am thinking a reset will happen soon, because of the Fibonacci 0.618 level that was crossed before and is now retested too. Experience shows that in these fomo/bullish moments another peak candle might happen AND can cross it actually, before we go down for a correction. And imo this correction can go all the way to 40k because of 2 reasons:
- Psychological resistance crossed, now this psychological support is probably retested soon.. (they work like magnets)
- There is a CME gap at 40600 which could be easily closed.
My sells are done today, i made 20 to 30% profits on many coins past week. Rebuy setups are ready around 37-40k now too. I decided not to open a short here, because this candle can go way further and there is no clear chart to make where it will go exactly. Though I am going to open a short between 47 and 51k, taking this leg super safe.
#BTCUSDT
Entry zone 47000-51000, with entries at the back being a bit bigger.. making our average around 49500 instead of 49000.
Stop 52200 (12%)
Leverage only x3
TP's 45810, 44220, 43320, 42220, 40720, 38560
Ofcourse always with STOPLOSS BREAKEVEN FROM TP1. And tp1 is 25% to make it worth it.
There is unfortunately no way for me to CANCEL the setup in Tradingview if I change my mind, I could call them if situation changes, but I'll probably stick to this plan. The R:R is fine in itself and there is also the head and shoulders pattern idea. (47-51k would make a perfect right shoulder on the current charts)
IN short:
-Sells already done at 44500 level, bringing my cryptowallet from 39% to 32% today. (Heavy sells)
-Rebuys ready 10% lower (40-37k levels, maybe small buys starting at 41500-41000)
-Short ready at higher levels; 47000-51000 with SL 52200.
GL traders
I am very glad that our bullish plan worked out from the 34-37k BTC zone. The reason for our bullishness was the news available at that time, there was a lot of bullish news incoming and there was actually a lack of bearish news. Therefore the dump towards 30k from that point would have made no sense, since markets were resetting. Ofcourse a fear candle can always happen, but I had the idea that this was already the issue from 34-36k. People simply oversold and we used this bright opportunity back then. I should have gone harder on the long, but we had 2 lines to cross (blue and red one) so it was a dangerous position.
(A good example of this news is the Ukraine / US / Russia situation which is just utter BS. There is no WW3 coming because of that, let's stop making ourselves crazy :-) )
Anyway, BTC is now at the level it is supposed to be in my opinion, which is between 40 to 45k. Comparing it to stockmarkets that makes sense.
Chartwise I am thinking a reset will happen soon, because of the Fibonacci 0.618 level that was crossed before and is now retested too. Experience shows that in these fomo/bullish moments another peak candle might happen AND can cross it actually, before we go down for a correction. And imo this correction can go all the way to 40k because of 2 reasons:
- Psychological resistance crossed, now this psychological support is probably retested soon.. (they work like magnets)
- There is a CME gap at 40600 which could be easily closed.
My sells are done today, i made 20 to 30% profits on many coins past week. Rebuy setups are ready around 37-40k now too. I decided not to open a short here, because this candle can go way further and there is no clear chart to make where it will go exactly. Though I am going to open a short between 47 and 51k, taking this leg super safe.
#BTCUSDT
Entry zone 47000-51000, with entries at the back being a bit bigger.. making our average around 49500 instead of 49000.
Stop 52200 (12%)
Leverage only x3
TP's 45810, 44220, 43320, 42220, 40720, 38560
Ofcourse always with STOPLOSS BREAKEVEN FROM TP1. And tp1 is 25% to make it worth it.
There is unfortunately no way for me to CANCEL the setup in Tradingview if I change my mind, I could call them if situation changes, but I'll probably stick to this plan. The R:R is fine in itself and there is also the head and shoulders pattern idea. (47-51k would make a perfect right shoulder on the current charts)
IN short:
-Sells already done at 44500 level, bringing my cryptowallet from 39% to 32% today. (Heavy sells)
-Rebuys ready 10% lower (40-37k levels, maybe small buys starting at 41500-41000)
-Short ready at higher levels; 47000-51000 with SL 52200.
GL traders
Note
AH I forgot to mention the 40k support is also drawn inside as a green square. It looks good, also considering the red line retest.
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