Well, my last trading idea panned out reasonably well which is a first, but I'm still hanging on for this retrace!
I think everyone (me included) is expecting a retrace any point now. It seems logical (Is BTC logical though!?) that it will happen at around the $10k mark and the rest of this idea rests on that assumption.
Using the Fib retracement, I've plotted a rough range for both a 38% and 61% retrace and matched the ranges into some previous day candles (also included a range for a 61% retrace from the previous run, although I think that seems highly unlikely at this point).
As we saw in the last correction, the market was still bullish and only retraced to the 38% line before heading on this latest run, so with the recent euphoria of nearing 10k and the CME Futures coming, we could/should expect the same, but also prepare for a 61% as well.
So with that in mind, a trading idea solely based on BTC hitting $10k, followed by a correction. A buy-in around the 38% level with stops sets to the edges of the 61%, looking to take profits at the Fib extensions, or at least tighten the stops at that level and let it run! I've seen some crazy $100k predictions by Feb 2018 so I won't be planning to sell any positions off once I'm 'back in the game'!
I think everyone (me included) is expecting a retrace any point now. It seems logical (Is BTC logical though!?) that it will happen at around the $10k mark and the rest of this idea rests on that assumption.
Using the Fib retracement, I've plotted a rough range for both a 38% and 61% retrace and matched the ranges into some previous day candles (also included a range for a 61% retrace from the previous run, although I think that seems highly unlikely at this point).
As we saw in the last correction, the market was still bullish and only retraced to the 38% line before heading on this latest run, so with the recent euphoria of nearing 10k and the CME Futures coming, we could/should expect the same, but also prepare for a 61% as well.
So with that in mind, a trading idea solely based on BTC hitting $10k, followed by a correction. A buy-in around the 38% level with stops sets to the edges of the 61%, looking to take profits at the Fib extensions, or at least tighten the stops at that level and let it run! I've seen some crazy $100k predictions by Feb 2018 so I won't be planning to sell any positions off once I'm 'back in the game'!