This is for educational purposes and is not to be interpreted as financial advice.
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Strat, along with just about everything else in the market is finding itself in a bear movement. The trick these days is to find the ebbs and flows and use them to your advantage. What I want to focus on first is the main retrace and if we look at the fib extension from ~165000 to ~105000 and a reattempt that got stopped at ~141000, we get decent fib retracements that proved to be reliable at finding support at the 100% retrace at ~84500 which took us back up to the 61.8% retrace at almost 105000. That would have been decent profit. The final push down took us to the 161.8% retrace almost textbook at about 50000.
The above history is important.
Now let us look at the most recent move. Let's take a close look at the price points that we currently have:
1. High: ~87000
2. Low: ~65000
3. Reattempt: 80000 (23% gain from low)
Once again, we saw support at the 100% retrace around 58000 but it failed as we would have expected and is, at this very moment, sitting at the 161.8% retrace. It's important not to try and find the pivot on price action but you want to wait for a clear indication that there's a reversal.
Just as before, the second run took us up to the previous 100% retrace, therefore I am going to cautiously say that whatever entry you take that you should be conservative with your exit. That means, you should conservatively expect to exit your trade around 58000. That could be an approximately 30% increase.
Join us on discord: discord.gg/x6akJaW
Strat, along with just about everything else in the market is finding itself in a bear movement. The trick these days is to find the ebbs and flows and use them to your advantage. What I want to focus on first is the main retrace and if we look at the fib extension from ~165000 to ~105000 and a reattempt that got stopped at ~141000, we get decent fib retracements that proved to be reliable at finding support at the 100% retrace at ~84500 which took us back up to the 61.8% retrace at almost 105000. That would have been decent profit. The final push down took us to the 161.8% retrace almost textbook at about 50000.
The above history is important.
Now let us look at the most recent move. Let's take a close look at the price points that we currently have:
1. High: ~87000
2. Low: ~65000
3. Reattempt: 80000 (23% gain from low)
Once again, we saw support at the 100% retrace around 58000 but it failed as we would have expected and is, at this very moment, sitting at the 161.8% retrace. It's important not to try and find the pivot on price action but you want to wait for a clear indication that there's a reversal.
Just as before, the second run took us up to the previous 100% retrace, therefore I am going to cautiously say that whatever entry you take that you should be conservative with your exit. That means, you should conservatively expect to exit your trade around 58000. That could be an approximately 30% increase.