CountOnCrypto - Bitcoin Forecast - 05/08/2022

Greetings TradingView, I'd like to present to you the latest short trade I am personally taking.

We experienced a Swing Failure Pattern (SFP) below the previous daily low as well as the Value Area Low (VAL) a few hours ago. During this price action, I opened a long with my stop loss just before the 0.66 Fibonacci retracement zone which is part of the golden pocket.

For now, I am measuring the speed of the move based on how price action reacts at the Fibonacci Speed Resistance Fans as well as the point of control and other Fibonacci golden pocket above the Point of Control (POC).

A break above the Value Area High (VAH) would insinuate we are going to retest the highs, the previous being the Previous Monthly Volume Weighted Average Price (pmVWAP) . This is a major resistance level, and breaking above it/ retesting it for the third time would be extremely bullish.

In conclusion, my take profit target resides below the other Fibonacci golden pocket which correlates with lows of the previous range in addition to the 111-day moving average which is pivotal based on the Pi Cycle indicator. My stop loss is at the point of invalidation for this trade where I will look to long lower.

Comment:

This is a long position and the "short" in the description is a typo.

Trade active:

Trade active on the 4th of August, long from 22,586 on 2.3x leverage.