BAT/BTC Fib Bounce Trade as BTC retests 10k
After a nice run up to 5700 we have seen a healthy correction with a bit of hesitation at the 23% fib level and anticipated tension at the 38% level.
As BTC gets heavy resistance at its 200 MA and 10k physiological point gives alts a few days to move before that resistance becomes the new support and heads to a full on bull run.
Allowing for a bit of a wider stop than normal on a fib trade due to the assumption of increased volatility as BTC picks up volume risk to win is set about 5.5 with an alert as it approaches its 23 fib level at 5000 to move stop loss up or to scale part of the position out.
As BTC gets heavy resistance at its 200 MA and 10k physiological point gives alts a few days to move before that resistance becomes the new support and heads to a full on bull run.
Allowing for a bit of a wider stop than normal on a fib trade due to the assumption of increased volatility as BTC picks up volume risk to win is set about 5.5 with an alert as it approaches its 23 fib level at 5000 to move stop loss up or to scale part of the position out.
Comment:
Still in the trade as candle did not close below stop but watching carefully.
Comment:
stopped out