The problem analyzing this pair is their is very little support for this pair due to the fact that it has been in rocket mode for the last couple of months with no meaningful correction. Well, we have one now... which will all become more clear in time. I'm looking for a bounce from today because this is the best scenario for support we have without trading to .382. Many traders use the 21 MA for support as well as resistance for their trading. These Fibs are attached to closing highs and lows. I fully expect a nice rally to start during the Asian session on the 24th (see previous post). I Wish everyone a Merry Christmas and a great year of trading in the New Year.
Comment:
BTC has traded to the 50 day MA and bounced, this could be a dead cat bounce, so don't trust it any trading forward should be light. Next lower support level is 7860.
Trade active:
BTC rested its laurels on (1) the Daily 100 SMA (2) tested the .382 Fib Retracement.
I expect this pair to challenge the Previous High with a bit of resistance at the $16,600 level. Should remain bullish until the Full Moon which occurs on 1-1-18.
Some say its forming a head and shoulders pattern which may be true, however most chartist do not know the technicals in proper formation and many times they fail to produce the expected target. We will see as time will erase doubt.
I expect this pair to challenge the Previous High with a bit of resistance at the $16,600 level. Should remain bullish until the Full Moon which occurs on 1-1-18.
Some say its forming a head and shoulders pattern which may be true, however most chartist do not know the technicals in proper formation and many times they fail to produce the expected target. We will see as time will erase doubt.
The most Regretted trades are the ones not taken.