We are nearing our first support zone with this BTC drop. So far, it fell though the .65 golden pocket fib (from the smaller more recent bounce) near $10.5k and is heading down toward $9.6k. Will this next support hold at around $9.2k?
We need a bounce or more sideways action to stabilize things before we see lower price points. The other alternative is a quick panic sell off which could result in a dead cat bounce.
Lets see what happens in the next day or two!
Happy trading and manage your risk!
I am a simple trader and market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
We need a bounce or more sideways action to stabilize things before we see lower price points. The other alternative is a quick panic sell off which could result in a dead cat bounce.
Lets see what happens in the next day or two!
Happy trading and manage your risk!
I am a simple trader and market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
Comment:
We are seeing the bounce and sideways movement now. We didn't break up past the 2 hour 55 EMA and are seeing bearish volume now.
Trade closed: stop reached:
Trade is closed. The original idea stop was triggered and we walked with 10% profit. Happy trading everyone. Waiting for the next position setup.
