You can't be confident with your forecasts on 100%.
That’s why we estimate two scenarios at once. You can be either bullish or bearish. On our chart we show how to act in the worst case scenario and how to act in the best case scenario.
For basis we are using BTCUSD chart from GDAX (Coinbase Exchange).
We have used:
1. support and resistance levels
2. figures
3. fibonacci retracement
4. moving averages
1. From my observation historical and psychological levels are always very strong it doesn’t matter if they are support or resistance levels. We decided to take four levels that have core role for the next one-two months:
* $1700
* $2000
* $2700
* $3000
2. Additionally to the price levels we applied figure analysis which includes:
* Head and shoulders - bearish
* Ascending triangle - bullish
3. Another indicator that always proves its dependability is:
* Fibonacci retracement (critical levels are 0.618 and 0.382)
4. And the last one, but not the list is:
* Simple Moving average (14 and 50 periods)
We emphasize again, that nobody knows for sure where the market goes up or down, however you can prepare yourself with asking a simple question “What if” ?
1. What if the price breaks $2700 price level, 0.618 Fibonacci retracement level, MA 50 crosses MA 14 and ascending triangle will continue its forming? If four indicators are bullish the best point of entry will be $2800.
2. What if the price will find resistance level at $2700, break the 0.382 Fibonacci retracement level, “head and shoulders” will continue its forming and MA 50 will be crossed by MA 14? In this case bear position can be more appropriate and the best point of entry will be $2400-2350.
3. The third scenario will be flat, however based on previous fundamental news from Ethereum a lot of investors and traders converted their tokens in Bitcoin which created additional volatility on bitcoin market. Trading inside the channel we will discuss later.
Risk disclosure:
Our analysis neither offers you the solution of how to trade, nor encourages you to trade based on it. We are not offering to take this information for granted. Thus, be careful with your trading decisions.
Do not be greedy, do not be panic - be an intelligent investor!
Sincerely,
Cryptocurrency Fund L.P.
medium.com/@CryptocurrencyFund
That’s why we estimate two scenarios at once. You can be either bullish or bearish. On our chart we show how to act in the worst case scenario and how to act in the best case scenario.
For basis we are using BTCUSD chart from GDAX (Coinbase Exchange).
We have used:
1. support and resistance levels
2. figures
3. fibonacci retracement
4. moving averages
1. From my observation historical and psychological levels are always very strong it doesn’t matter if they are support or resistance levels. We decided to take four levels that have core role for the next one-two months:
* $1700
* $2000
* $2700
* $3000
2. Additionally to the price levels we applied figure analysis which includes:
* Head and shoulders - bearish
* Ascending triangle - bullish
3. Another indicator that always proves its dependability is:
* Fibonacci retracement (critical levels are 0.618 and 0.382)
4. And the last one, but not the list is:
* Simple Moving average (14 and 50 periods)
We emphasize again, that nobody knows for sure where the market goes up or down, however you can prepare yourself with asking a simple question “What if” ?
1. What if the price breaks $2700 price level, 0.618 Fibonacci retracement level, MA 50 crosses MA 14 and ascending triangle will continue its forming? If four indicators are bullish the best point of entry will be $2800.
2. What if the price will find resistance level at $2700, break the 0.382 Fibonacci retracement level, “head and shoulders” will continue its forming and MA 50 will be crossed by MA 14? In this case bear position can be more appropriate and the best point of entry will be $2400-2350.
3. The third scenario will be flat, however based on previous fundamental news from Ethereum a lot of investors and traders converted their tokens in Bitcoin which created additional volatility on bitcoin market. Trading inside the channel we will discuss later.
Risk disclosure:
Our analysis neither offers you the solution of how to trade, nor encourages you to trade based on it. We are not offering to take this information for granted. Thus, be careful with your trading decisions.
Do not be greedy, do not be panic - be an intelligent investor!
Sincerely,
Cryptocurrency Fund L.P.
medium.com/@CryptocurrencyFund