BTCUSD - Bitcoin - Could it go to 5000? SHORT Trade Crypto
Hello all - DuncanForex here with another trade idea
With Bitcoin cycling lower - there are two options, the diagonal dynamic downwards resistance is broken, retested and then it heads higher. or - if you jump back to the weekly / monthly charts - its printed a lower high.
Now a Fibonacci extension would take bitcoin back to zero and into the negative - (which is not possible)
Therefore, i think there is real scope for it to go down to 5000.
If it cycles lower tomorrow on the 1hr / 4hr - i will be in a short trade
If it breaks the downwards trend line and retests it as new support - i will look to go long
Thanks for looking at my idea
Duncan
With Bitcoin cycling lower - there are two options, the diagonal dynamic downwards resistance is broken, retested and then it heads higher. or - if you jump back to the weekly / monthly charts - its printed a lower high.
Now a Fibonacci extension would take bitcoin back to zero and into the negative - (which is not possible)
Therefore, i think there is real scope for it to go down to 5000.
If it cycles lower tomorrow on the 1hr / 4hr - i will be in a short trade
If it breaks the downwards trend line and retests it as new support - i will look to go long
Thanks for looking at my idea
Duncan
Comment:
hi all, with the downward trendline broken, I am looking for a retest and to go long - although with crypto - I am looking for a bullish continuation pattern on a low timeframe as it doesn't always retrace.
Trade active:
Trade is still active, has finally moved back to the entry point, I will be watching this as we head to the end of the week