LONG on BTC : 3 Important support levels for short term
Here it is the 3 important levels for bitcoin. Every support level that I will mention below is pretty much become a psychological area for bitcoin (green zone). each levels are having a confluence with the fibonacci levels. Here are the details for every levels and how I divide my capital to enter this long position.
1st level
The area of 50% fibonacci levels, which moving align with the resistance turning support based on previous break out period on October 18th. I will put 25% of my capital to enter long position here.
2nd level
The area of golden pocket zone. However, we must consider this level as the major support (8090 - 8070). Put another 25% capital as the 1st averaging action.
3rd level
Is the most exciting level. This level consist of the higher body closed considering the top of the impulse wave 1, 78.6 fibonacci retracement level as the flavor of the year, and the cross point met between the green dotted line and the lower line of up trend channel. I will put extra 50% of my total capital if the price touch this level
1st level
The area of 50% fibonacci levels, which moving align with the resistance turning support based on previous break out period on October 18th. I will put 25% of my capital to enter long position here.
2nd level
The area of golden pocket zone. However, we must consider this level as the major support (8090 - 8070). Put another 25% capital as the 1st averaging action.
3rd level
Is the most exciting level. This level consist of the higher body closed considering the top of the impulse wave 1, 78.6 fibonacci retracement level as the flavor of the year, and the cross point met between the green dotted line and the lower line of up trend channel. I will put extra 50% of my total capital if the price touch this level
Trade active:
Update about bitcoin's condition on today October 23rd, 2019
Finally our long limit set up on bitcoin is 100% filled. and we can see that the rejection toward the dotted green line has already occured to give us the indication that retesting the previous resistance that is now become support is in play. Put the SL just below the $7700 is pretty wise choice to anticipate the wick fishing region.
Update about bitcoin's condition on today October 23rd, 2019
Finally our long limit set up on bitcoin is 100% filled. and we can see that the rejection toward the dotted green line has already occured to give us the indication that retesting the previous resistance that is now become support is in play. Put the SL just below the $7700 is pretty wise choice to anticipate the wick fishing region.
