Example of good R:R short after a pop over the weekend
I like to play corrections. I think we have a good opportunity to ride a short on BTC/USD from the ATH put in over the weekend. With a CME gap near 58k and the area of the breakthrough without a test, I am expecting price to return to that area soon before continuing its bullish push.
As you can see on the chart the levels im looking at are:
1) The golden zone of the first move down since ath.
2) Stop above .707 (good area for stops)
3.) First target -0.236 , second target -0.618 and third target at -1.
We have good confluence at this level with some fib levels to watch from the pump and untested areas, as well as volume gaps.
As you can see on the chart the levels im looking at are:
1) The golden zone of the first move down since ath.
2) Stop above .707 (good area for stops)
3.) First target -0.236 , second target -0.618 and third target at -1.
We have good confluence at this level with some fib levels to watch from the pump and untested areas, as well as volume gaps.
Trade closed: target reached:
All targets hit