BTC downtrend break out - long target $46,500
BTC has broken up out of the downtrend and indicators on 4hr timeframe also confirm long signal.
Looking at larger timeframes a bounce seems overdue and the recent sell off is over-extended. BTC has also found support at the 1.618 fibonacci level from the previous bull cycle & retracement.
Target - $46,500 - 2.618 fib level
I'm not calling for new ATHs just yet but risk/reward favours longs at these levels. On the macro & fundamentals side uncertainty remains so be careful out there...
8hr and 12hr timeframes look good for a bounce:
Daily timeframe for fibs bigger picture:
Looking at larger timeframes a bounce seems overdue and the recent sell off is over-extended. BTC has also found support at the 1.618 fibonacci level from the previous bull cycle & retracement.
Target - $46,500 - 2.618 fib level
I'm not calling for new ATHs just yet but risk/reward favours longs at these levels. On the macro & fundamentals side uncertainty remains so be careful out there...
8hr and 12hr timeframes look good for a bounce:
Daily timeframe for fibs bigger picture:
Comment:
BTC breaking out
Trade closed: target reached:
Ding ding ding
See new idea for future updates
See new idea for future updates
