Be fearful when others are greedy,be greedy when others are fear
However, even if we know that there is a possibility of a callback, we still wait for the callback to test support zone before entering long in the market.
Rather than guessing the top fomo or shorting without thinking.
14000 is the former high resistance. From the candlestick chart, we can know that there are many trap traders.
It is reasonable to know that the market will have the opportunity of callback.
But as a trader, after confirming the direction, the next step is the execution strategy.
After waiting for the price to fall back with a good profit and loss ratio, we complete the trade.
Back to the chart
The picture shows the weekly chart of BTC,
Here we pulled a Fibonacci retracement,
It can be seen that the price has touched the Fib 0.786 (16304) after breaking through the Fib 0.618 (13488.49).
Look from the down trend of the weekly TF from 2017, BTC has formed a W bottom pattern, and the neckline is located at Fibonacci 0.5-0.618 (13488.49-11510.44)
The bottom of W formation of breaks out and retraces back, the neckline can be seen as the enter zone of this BTC W formation pattern
Don’t underestimate how long it takes to get out of retail traders in a bull market.
There is only one market, not a bull market or a bear market, but the right market.
Rather than guessing the top fomo or shorting without thinking.
14000 is the former high resistance. From the candlestick chart, we can know that there are many trap traders.
It is reasonable to know that the market will have the opportunity of callback.
But as a trader, after confirming the direction, the next step is the execution strategy.
After waiting for the price to fall back with a good profit and loss ratio, we complete the trade.
Back to the chart
The picture shows the weekly chart of BTC,
Here we pulled a Fibonacci retracement,
It can be seen that the price has touched the Fib 0.786 (16304) after breaking through the Fib 0.618 (13488.49).
Look from the down trend of the weekly TF from 2017, BTC has formed a W bottom pattern, and the neckline is located at Fibonacci 0.5-0.618 (13488.49-11510.44)
The bottom of W formation of breaks out and retraces back, the neckline can be seen as the enter zone of this BTC W formation pattern
Don’t underestimate how long it takes to get out of retail traders in a bull market.
There is only one market, not a bull market or a bear market, but the right market.
