BTCUSD Retracement trade scenario

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
473 0
Taking into account previous data, in retracement scenarios most probable levels are 0.236 and 0.382. In the retracement scenario from current ATH at about 8350 level, there is zone between 0.382 in smaller time frame (from up trend starting at about 5645) and 0.236 on larger time frame (from 2970ish at 15th September), this zone is set at 7076 - 7313.

In this scenario, long position should be entered durring confirmed up trend after reversal of down trend at 0.236 on larger time frame at about 7070. Possible trade is very optimistic view of the situation with gain of 17% and very R:R 1:4. Stop is set at 0.5 level of short term up trend as this is strong historical support-resistance level.

One should be carefull and take possible more conservative approact with gains in the area of 10-12% with take profit market set at current ATH . Should market levels change, this analysis must be corrected in accordance with new data and possible new ATH level.
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