Today I'm bringing you a trading setup that I've been watching unfold over the last few days, and now things are starting to fall into place as price has just re-tested the previously broken support at $10,310.
If you're a long time follower of my ideas you'll know that the majority of my setups are based on , which is the main focus point of today's analysis.
We're currently looking at a pattern on the 4h chart for BTC/USD completing at $8980 which I've marked as the prime level to buy.
The measurements for a valid are detailed below.
XA Retracement: 0.382 - 0.618
AB Retracement: 0.382 - 0.886
BC Projection: 2.618 - 3.618
XA Projection: 1.618
You may ask why is this the prime level to set buy orders? The main reason behind this is based on how many different measurements form within a close proximity of this price level, it marks an overall correction of 35% from $13,873 and it's at the lower end of our buying range between $9481 and $8818 which is a 7% range from top to bottom.
I'm favouring a long-term hold from $8980 when you take into account the move to $13,873 is a 54.60% gain.
If you're trading bitcoin based on margin then using several take profit targets is recommended, the first one being $10,310.
I'd also pay attention to a break above the resistance , this may indicate the beginning of a move to $13,873.
Feel free to comment below if you have any analysis you would like to contribute to this idea.
Trade safe everyone!
📘 Download the Harmonic Mastery Ebook (Free): https://www.sixfigurecapital.com/harmonic-trading-ebook
💬 Join me on Telegram: https://t.me/SixFigureCapital