Hi Traders,
Today we are looking at the king of all cryptos.
King BTC has broken out of its range.
I mentioned last week that we were approaching the end of this range as we headed towards the descending trend line. It seems like the floor fell out from underneath us and we broke through the bottom of that channel.
I watched for a break and retested the top or bottom of that range.
We had a break and retest on the 4 Hour time frame.
Price broke below and retested the support zone perfectly.
I then used the Trend-based fib extension tool to define the two targets I would be using.
Target 1 has been hit – Around the 21000 Level
Target 2 is around the 17000 level.
It’s a crazy time right now in all markets. However, I look at what the charts tell me and how to use that to my advantage.
Trade safe out there!
The Vortex Trader
Today we are looking at the king of all cryptos.
King BTC has broken out of its range.
I mentioned last week that we were approaching the end of this range as we headed towards the descending trend line. It seems like the floor fell out from underneath us and we broke through the bottom of that channel.
I watched for a break and retested the top or bottom of that range.
We had a break and retest on the 4 Hour time frame.
Price broke below and retested the support zone perfectly.
I then used the Trend-based fib extension tool to define the two targets I would be using.
Target 1 has been hit – Around the 21000 Level
Target 2 is around the 17000 level.
It’s a crazy time right now in all markets. However, I look at what the charts tell me and how to use that to my advantage.
Trade safe out there!
The Vortex Trader