Hello friends! This is an update of my previous idea, which is linked below. The price broke out of our range (red box in the previous idea) as expected and we are in a downwards move in this moment. While it's very tempting to catch a falling knife, especially after the price surge during the past two weeks, it's now important to verify possible entries. Our ultimate goal is it to reduce our risk, which is mainly influenced by heavy volatility.
I'm watching the ~$8250 level as a possible entry zone. We have the 0.618 located in this area, which is an interesting level for many traders. This level is intersecting with our Trendline as well. We might also observe a Support & Resistance flip, which is described in the yellow box.
Let me know what you think and share your ideas in the comments section. I'm also available on Telegram and Twitter for more frequent market updates. The links are in my signature.
cheers, cryptobuller
___ Disclaimer: Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
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Previous idea:
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Buy Zone reached. Let's wait for a confirmation to enter a long position
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The price seems to bounce from the trendline. Hit our Target ($8250) pretty accurate. Let's wait for the next bullish candle to confirm the bounce