BTCUSDT 15m Analysis: Modified Fibonacci and Long
Hello Traders,
Today we are taking a look at BTCUSDT on a 15-minute timeframe. BTC touched a daily low at $28,550 (point 1), and it rebounded forming a new local high at $29,328 (point 0).
I utilized a modified Fibonacci retracement tool to analyze the potential retracement levels. It's interesting to note that the price of Bitcoin has not even reached the so-called "Golden Zone" yet (the area between the 0.5 and 0.618 Fibonacci retracement levels). This indicates that we could potentially see more upside from here.
Based on this analysis, I decided to go long on BTCUSDT, and I've outlined the following take-profit targets for your consideration:
Take-Profit 1: $29,625 at the Fibonacci -0.382 level (already achieved)
Take-Profit 2: $29,808 at the Fibonacci -0.618 level (already achieved)
Take-Profit 3: $30,586 at the Fibonacci -1.618 level (still to be achieved)
For risk management, I've set the stop loss at $28,847, which corresponds to the Fibonacci 0.618 level.
As always, it's crucial to set an appropriate stop loss and manage your risk effectively. Remember that this analysis does not constitute financial advice, and it's essential to do your own research before making any trading decisions.
Trade Safe and Good Luck!
PS: The Fibonacci retracement is a popular technical analysis tool among traders, which draws horizontal lines to indicate where support and resistance levels will likely be. However, please note that this is a modified Fibonacci tool, which uses additional and custom levels to the standard Fibonacci sequence.
Please like and follow for more updates and analysis!
Today we are taking a look at BTCUSDT on a 15-minute timeframe. BTC touched a daily low at $28,550 (point 1), and it rebounded forming a new local high at $29,328 (point 0).
I utilized a modified Fibonacci retracement tool to analyze the potential retracement levels. It's interesting to note that the price of Bitcoin has not even reached the so-called "Golden Zone" yet (the area between the 0.5 and 0.618 Fibonacci retracement levels). This indicates that we could potentially see more upside from here.
Based on this analysis, I decided to go long on BTCUSDT, and I've outlined the following take-profit targets for your consideration:
Take-Profit 1: $29,625 at the Fibonacci -0.382 level (already achieved)
Take-Profit 2: $29,808 at the Fibonacci -0.618 level (already achieved)
Take-Profit 3: $30,586 at the Fibonacci -1.618 level (still to be achieved)
For risk management, I've set the stop loss at $28,847, which corresponds to the Fibonacci 0.618 level.
As always, it's crucial to set an appropriate stop loss and manage your risk effectively. Remember that this analysis does not constitute financial advice, and it's essential to do your own research before making any trading decisions.
Trade Safe and Good Luck!
PS: The Fibonacci retracement is a popular technical analysis tool among traders, which draws horizontal lines to indicate where support and resistance levels will likely be. However, please note that this is a modified Fibonacci tool, which uses additional and custom levels to the standard Fibonacci sequence.
Please like and follow for more updates and analysis!
Trade closed: target reached:
TP1 ($29,625) and TP2 ($29,808) triggered
We bounced back to a low of $28,913 which temporarily went below the golden channel, therefore, although we haven't hit the SL, I would close this trade now and enter a short position. (details in the next idea)
if you found this idea interesting, please follow me on TradingView www.tradingview.com/u/the_wolfofcrypto and on Twitter twitter.com/THEW0LFOFCRYPTO
We bounced back to a low of $28,913 which temporarily went below the golden channel, therefore, although we haven't hit the SL, I would close this trade now and enter a short position. (details in the next idea)
if you found this idea interesting, please follow me on TradingView www.tradingview.com/u/the_wolfofcrypto and on Twitter twitter.com/THEW0LFOFCRYPTO