marketplaceguy
Long

Bitcoin Pullback Before Testing 6k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Currency pair: BTC/USD
Time Frame: 4 hour Chart
Anticipated Direction: Long

Discussion Points

1. Bitcoin Correlation with EURUSD
2. Global Markets Cautious Amid US Political Uncertainty & Trump Dispute with Jerome Powell
3. Trade Plan

Though, Looking at the long term outlook of EURUSD & Bitcoin , Both the pairs are correlated.
If Euro goes up, Bitcoin goes up too.While looking back in the past, both the pairs moved in
the same apparent direction after reaching bottoms.

Global Markets had deteriorated sharply past entire week, investor's concerns over Brexit, Trump
dispute with Jerome Powell of the Fed about higher interest rates & growth worries are growing
exponentially.

Let's get to the point & execute the trade according to our plan. All entry points & profit taking
areas are mentioned in the chart are based on Fibonacci calculations.

Fibonacci Potential Entry Points
1. 38.2% Retracement
2. 50.0% Retracement
3. 61.8% Retracement

Potential Take profit areas
61.8%, 100.0%, 1.382%, 1.618% Extensions


It's not an investment advice.







Trade active
Comment: Bullish Cypher Pattern
Comment:
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