Bitcoin has been denied by the downward trend line and 100 day MA. MACD and RSI are still contained and haven’t yet showed a sign of divergence. I think if any of these lines are breached we will have reason to reconsider. Until then I expect a continuation of the correction.
I have fib lines marked on the 1D chart. If the correction continues I am most interested at the $5000 mark for a few reasons. 1) It is slightly above the .382 fib line, and I like to aim slightly above the lines to better my chances of catching a ride. 2) This coincides with where the 100 day MA will be. 3) It’s a nice whole number.
Happy trading all! Enjoy the show.
I have fib lines marked on the 1D chart. If the correction continues I am most interested at the $5000 mark for a few reasons. 1) It is slightly above the .382 fib line, and I like to aim slightly above the lines to better my chances of catching a ride. 2) This coincides with where the 100 day MA will be. 3) It’s a nice whole number.
Happy trading all! Enjoy the show.
Trade closed: stop reached:
Looks as though BTC is going to break my last line of resistance; it has already breached my MACD and RSI lines. I also can't trust that the good folk on the other side of our world will be trading with my best interest in mind, so I'm going to close shop for the night and see where we sit in the morning.
Good trading all!
Good trading all!