BTCUSD - DAILY TARGETS - The Golden Fib Approach to the Market

Price action is topping out on my DAILY fib at the top golden line, which means this move upward is possibly over extended. It couldn't close above the 5500 resistance level so a nice move downward should be expected. For me this is where I would take a short position. If I got in around the 200% Golden line, I would put my stop just above the previous high or a little higher (if I'm comfortable with that). If I didn't get the previous high, I would look to get short around 175% line with stops at the 200% golden line, taking quick profits at the next 150% Golden line and then again at the 100% golden line. This is not a long term short, BTC is looking bullish on the weekly and the daily but we must close above 5500 area for continuation upward. THIS IS NOT FINANCIAL OR TRADING ADVICE. TRADE SAFE LADIES AND DEGENTS!

Comment:

Not really much to update. I've personally taken profits twice around the 150% line and reloaded twice now around the 200%. Still look for a close above 5557 for confirmation of continued up trend. I'm still short, looking for a retrace to 4500.00 the 100% line before I would consider going long again. NOT FINANCIAL ADVICE, TRADE SAFE!

Comment:

Very nice push past 5557. If this holds for a few swings then I would expect a test of 6k-6.5k, In my opinion this is probably the swing high for this resistance level and isn't really time to freak out yet.

Trade closed: stop reached:

Stopped on in profits after several swings. It broke resistance pretty well and is not testing another resistance when needs to have a forceful break of 6550 range to see more continuation. Im expecting another chance to short this resistance level. See my new BTC chart for updates.