Since our last post, BTC failed to hold above the $7,800 zone and closed below the resistance line, placing price action back in the wedge pattern discussed previously.
Now price is continuing to fall without any noticeable candlestick pattern signs for possible reversals. However, using the previous leg as our base we can draw a fib from swing high to swing low and use previous structure to draw possible reversal or minor support zones of some or major significance.
Minor Support Zones:
$6757.00 (0.618)
$6300.00 (0.762)
Major Support Zones:
$6000.00 (0.883)
Remember, we look for the candle to close before executing with a 1hr confirmation candle closing in the anticipated correction. Before executing make sure that the candle patterns correlate with the bullish reversal or get stuck in FOMO and a bull trap.
Now price is continuing to fall without any noticeable candlestick pattern signs for possible reversals. However, using the previous leg as our base we can draw a fib from swing high to swing low and use previous structure to draw possible reversal or minor support zones of some or major significance.
Minor Support Zones:
$6757.00 (0.618)
$6300.00 (0.762)
Major Support Zones:
$6000.00 (0.883)
Remember, we look for the candle to close before executing with a 1hr confirmation candle closing in the anticipated correction. Before executing make sure that the candle patterns correlate with the bullish reversal or get stuck in FOMO and a bull trap.
Trade active:
Currently, I am live in this trade with a purchase at the $6,250 level (~0.881 Fib Zone).