PLEASE NOTE THIS IS TENTATIVE NOT FINANCIAL ADVICE TAKE IT WITH A PINT OF SALT!
This is an attempt to identify a good entry point in the current down trend, designed to maximize returns in the short term should a vital condition be met at the low 1.27 Fibonacci Retracement.
Our study uses the most recent swing low AUG 6 and the most recent swing low AUG 15 on the daily charts. Please note this might happen in less or more than 13 days.
Conditions for it to prove true:
1. BTC must ignore the sloping purple ascending support at roughly 9600-9400. This is very strong support, chances are we will fail to break it.
2. BTC must drop as low as 8900
3. BTC must break 9400-9600 on its rally back up
4. The most likely rally will go as high as 11200-11700 best case scenario. Please understand we cant predict the exact top so an exit point should whenever possible be set with a trailing stop loss in order to maximize profits.
Conditions for it to prove false:
1. Failure to fulfill any of the TOP 3 out of 4 conditions.
In conclusion:
1. We are short until 8900 and long thereafter, for those looking for short opportunities indicators point that there are conditions for a possible rally downwards.
That said Trade Safely, Happy Trading.
This is an attempt to identify a good entry point in the current down trend, designed to maximize returns in the short term should a vital condition be met at the low 1.27 Fibonacci Retracement.
Our study uses the most recent swing low AUG 6 and the most recent swing low AUG 15 on the daily charts. Please note this might happen in less or more than 13 days.
Conditions for it to prove true:
1. BTC must ignore the sloping purple ascending support at roughly 9600-9400. This is very strong support, chances are we will fail to break it.
2. BTC must drop as low as 8900
3. BTC must break 9400-9600 on its rally back up
4. The most likely rally will go as high as 11200-11700 best case scenario. Please understand we cant predict the exact top so an exit point should whenever possible be set with a trailing stop loss in order to maximize profits.
Conditions for it to prove false:
1. Failure to fulfill any of the TOP 3 out of 4 conditions.
In conclusion:
1. We are short until 8900 and long thereafter, for those looking for short opportunities indicators point that there are conditions for a possible rally downwards.
That said Trade Safely, Happy Trading.
Comment:
Correction: Our study uses the most recent swing HIGH AUG 6
Trade active:
Gradual push to the downside we still to test the sloping support and also failing to break past the 9700 range which indicates major support levels
Trade active:
Sideways movement, oscillating between 10200-9900, lots of indecision ongoing
Trade closed manually:
conditions not met
