Consolidation at the 78.60% Fib level.
What looks like a triangle pattern has been forming since end of May.
Could break out either way and if it does, TP could be at either 61.80% or 100% Fib levels.
If it's a bullish break there's a greater risk:reward breakout trade
Entry: 7760 (above the most recent high)
SL: 7620 (below the low of that candle)
TP1: 8040 (1:2)
TP2: 8180 (1:3 and 61.80% Fib level)
If it's a bearish breakout:
Entry: 7500
SL: 7700
TP: 7100 (1:2 and 100% Fib level)
There's no way to know which way this is going but I still have a bearish bias towards XBT. Based on a previous idea, Fib level is still acting as a resistance but bear pressure seems to be giving up too.
What looks like a triangle pattern has been forming since end of May.
Could break out either way and if it does, TP could be at either 61.80% or 100% Fib levels.
If it's a bullish break there's a greater risk:reward breakout trade
Entry: 7760 (above the most recent high)
SL: 7620 (below the low of that candle)
TP1: 8040 (1:2)
TP2: 8180 (1:3 and 61.80% Fib level)
If it's a bearish breakout:
Entry: 7500
SL: 7700
TP: 7100 (1:2 and 100% Fib level)
There's no way to know which way this is going but I still have a bearish bias towards XBT. Based on a previous idea, Fib level is still acting as a resistance but bear pressure seems to be giving up too.
Comment:
This is the actual structure I believe. Around 7480. Disregard previous comment.
This is the actual structure I believe. Around 7480. Disregard previous comment.
Trade closed: target reached:
Yay!
If there's a rally that rejects the 7540 point, it could be a second opportunity to get in on the trade.