Breach of key fib ratio - double down on SHORT position??
After a parabolic move one should expect a pullback at some point. When researching BTC price history, I noticed a very familiar parabolic move that I normally see in high flying biotech stocks. I outlined a potential double top about a week prior to selloff “Hold on to your pants” and “Have you seen San Andreas” and have been enjoying massive gains from going short. But I’m not here to boast.
Bitcoin Recently breached a long term Fibonacci level of 0.382 retracement. A continued move downward suggests .50 retracement down to $8,478.00. Looking at historical volatility, retracement of more than 50%+ brought in exponential amount of new interested investors/ traders. I expect the same to be happening again.
$8478 is not my price target, just the next level of support I will be watching. Current setup suggests a potential AB=BC harmonic pattern which could go as low as .618 retracement from $13,876.00 (=$7222)
Tip # 10: Mathematically, a Trend line is known as the line of best fit. In charts, they are best drawn from high to high and low to low, etc.
Please like and follow so I can continue finding good trades. Thank you in advance =)
Check me out on twitter or instagram: @VolatilityWatch
Disclosure: This is NOT a note to buy or sell. Please do your homework before investing.
Bitcoin Recently breached a long term Fibonacci level of 0.382 retracement. A continued move downward suggests .50 retracement down to $8,478.00. Looking at historical volatility, retracement of more than 50%+ brought in exponential amount of new interested investors/ traders. I expect the same to be happening again.
$8478 is not my price target, just the next level of support I will be watching. Current setup suggests a potential AB=BC harmonic pattern which could go as low as .618 retracement from $13,876.00 (=$7222)
Tip # 10: Mathematically, a Trend line is known as the line of best fit. In charts, they are best drawn from high to high and low to low, etc.
Please like and follow so I can continue finding good trades. Thank you in advance =)
Check me out on twitter or instagram: @VolatilityWatch
Disclosure: This is NOT a note to buy or sell. Please do your homework before investing.
Comment:
Check out the origin of my trade here
