I am looking at the four hour charts and because of the movement and side ways movement over the last few days (between 6400-6800 approximatly), I believe bitcoin will test the 6300-6450 support band one more time. Observation should be made on lower time frames to get a precise entry point but I would like to make a buy order around 6460 as long as there is an indication the support level will hold.
Here is what I think
Entry: 6460 with candle stick formation
SL: 6250
Target: 7100
There may be some resistance around the 6700 level but I believe 7100 represents the 1.618 fibonnaci extension on the move. This fibonacci level corresponds to past support for bitcoin (7100-7200).
I will follow up with ideas as this develops
Here is what I think
Entry: 6460 with candle stick formation
SL: 6250
Target: 7100
There may be some resistance around the 6700 level but I believe 7100 represents the 1.618 fibonnaci extension on the move. This fibonacci level corresponds to past support for bitcoin (7100-7200).
I will follow up with ideas as this develops
Comment:
I believe the bullish engulfing candle has happened . I will look on lower time range for new entry point because I missed that one with my buy order.
Comment:
Lets see how this plays out.If there is consolidation around this level- it may be an early entry, but we may get the effect and bounce of finally pushing through that resistance at 6800.
Comment:
Nice Doji Formation on the 4 hr charts showing some indecision-need to look at volume to see if we have enough buyers for a bounce, or maybe we will have some consolidation.
Order cancelled:
I recognised that we did not get the right formations around the 6300 band of support. We have not been in a bearish cycle for the last 4 days. Evaluating the market for new opportunities.
