Statham
Long

Bitcoin Retracement setup

OKCOIN:BTCUSD3M   Bitcoin / Dollar Forward 3 Months
57 0 1
Here's where I think we are. We are at 38.2% retracement from previous move which provided considerable resistance and price bounced off this point.

I am looking to go long at 245.90 providing this previous resistance point turns to support. From there taking profit at sweet spot target of 306.
If higher values are rejected (I am expecting they will be) then I will be looking for short opportunities at the 61.8% marked on this chart (293)
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