Bitcoin Analysis and key areas to watch- #BTC $BTC #XBT $XBT
Hello all and thank you for reading my thoughts on how to trade BTC. Keeping it simple with this analysis as it has been working very well lately.
After a good uptrend BTC is now retracing. We can see that it retraced quickly to the .5 fib level, and later tapped the golden pocket, being the .65-.618 fib level. The price returned to the .618 level and looks to be trying to find some support here. The golden pocket is typically a likely area for the start of a new uptrend, or a good long scalp if the downtrend was to continue.
There are two levels marked on the chart that previously acted as support and resistance . If you are not already in a position I would wait to see how the price reacts to these areas before entering, as the price is currently just hanging.
If you are looking to short then 3790 would be a good area to watch. If the current support at 3610 breaks down that would also be a good opportunity to enter a short.
If you are looking to long, wait for a retest of the support at 3610 and then target the 3790 resistance as your first take profit.
For now I would sit out and wait for further confirmation.
Happy trading.
After a good uptrend BTC is now retracing. We can see that it retraced quickly to the .5 fib level, and later tapped the golden pocket, being the .65-.618 fib level. The price returned to the .618 level and looks to be trying to find some support here. The golden pocket is typically a likely area for the start of a new uptrend, or a good long scalp if the downtrend was to continue.
There are two levels marked on the chart that previously acted as support and resistance . If you are not already in a position I would wait to see how the price reacts to these areas before entering, as the price is currently just hanging.
If you are looking to short then 3790 would be a good area to watch. If the current support at 3610 breaks down that would also be a good opportunity to enter a short.
If you are looking to long, wait for a retest of the support at 3610 and then target the 3790 resistance as your first take profit.
For now I would sit out and wait for further confirmation.
Happy trading.