Lots of Support for a BTC Bounce on 12H

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
I was actually expecting BTC to pass through the 4200 resistance, which has been a strong resistance since we dipped to the 3000s. But in retrospect, a correction was very obvious considering that we've only seen green candles this month. Hindsight is 20/20.

But now it's time to accumulate for another test at 4200. We're seeing a lot of confluence for support in this 3700 range: the 200MA, the 55EMA, a trendline support since early February, and the .5 fib line in the local structure. I feel very comfortable setting my stop-loss below all that.

We're also hitting a strong resistance turned support on the RSI . I'm ready for the bounce. Confirmation for me is a higher low on the 2H. Targeting a fifth wave 1:1 fib extension for 16% profit. I'm willing to sit through this trade for a week or two. I'll move up my stop-loss into profit as we form and work up an ascending triangle .

Entry: 3770
Exit: 4380
S/L: 3640
Risk/Reward: 4.87
Twitter: @UdotongE


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