After the massive Breakout
we have seen an exemplary consolidation which reached nearly exactly the holy 61,8 fibo-retracement - here the reasumption of the main wave started.
Now we have two trading Options:
1. Procyclical longposition: Stoppbuy near above the central resistance at 680$, SL adjusted to your individual Money Management and Position size. Target would be 760-780$. This Szenario is according the green counting.
2. Sell the resistance: Open a shortposition at the actual Level. SL should be a bit above the @ 680$. (also adjusted to your individ. MM)
TP could be 630$ (blue counting) and 550$
Below the last valid red "2" @ 550$ i exspect a quick selloff down to the original breakoutlevel @ 465$
Good luck and like it if you like it :-)
680$ - this is still the Level to watch! Trading below that Level indicates a momentum - Trading above 680 will brighten the Chart, the main uptrend can possibly be resumed
At the Moment, we have four Trends:
- Midterm downtrend: red 1-2-3 counting: As Long btcusd are trading below 680$, this trend is dominant. Further downwaves can be exspected
- Midterm uptrend: big green 1-2-3 counting - This counting is valid as Long btcusd are trading above 608$
- Shortterm downtrend: orange 1-2-3 counting - should btcusd trade below the last valid orange "2" the next shortsignal appears --> tp could be 580$
- Ultrashortterm uptrend: small green 1-2-3 counting : This counting is valid as Long btcusd are trading above 622$
. SHould btcusd trade above the last valid "2" the tp could be 680$
Here is the Explanation for this simplified style of counting
The holy Fibo 61,8%
Trying to catch the correction of the correction?
Longterm resistance turned into support?
New shortterm "3"?
A flag -is that true?
HERE IS THE EXSPECTED BREAKOUT!