G'day fellas,
It's been a while since I posted my idea last time.
As a sharp drop of the BTC, it caught my attention to post my idea about it.
First of all, what we could see at once is a pattern called "H&S" head and shoulders right?
When you draw Fib Retracement, it directly guides you 0.705 (Simpson ratio) at 7631.5 where the lowest price at Bitmex showed 7630.5 that we can argue it is at least dead cat bounce at the moment.
Therefore, if you think it's a real whatsoever bounce then, we could now estimate where will be maximum bounding height for it.
Again, you can draw Fib from $10550 to 7630.5 then 0.382 shows at 8745.5. However, as the dumping was quite a lot not only BTC but also NQ, GC and oils the entire world economy is getting shrinked.
What I would like to point out is that "In a crisis, be aware of the danger but recognize the opportunity" - John F Kennedy
Thus, I am going to buy BTC and alts but also open a short position at the same time to minimize the danger but to get this opportunity.
Where the yellow arrow is the primary goal for the long also going for short.
Hope my idea will help your trading.
It's been a while since I posted my idea last time.
As a sharp drop of the BTC, it caught my attention to post my idea about it.
First of all, what we could see at once is a pattern called "H&S" head and shoulders right?
When you draw Fib Retracement, it directly guides you 0.705 (Simpson ratio) at 7631.5 where the lowest price at Bitmex showed 7630.5 that we can argue it is at least dead cat bounce at the moment.
Therefore, if you think it's a real whatsoever bounce then, we could now estimate where will be maximum bounding height for it.
Again, you can draw Fib from $10550 to 7630.5 then 0.382 shows at 8745.5. However, as the dumping was quite a lot not only BTC but also NQ, GC and oils the entire world economy is getting shrinked.
What I would like to point out is that "In a crisis, be aware of the danger but recognize the opportunity" - John F Kennedy
Thus, I am going to buy BTC and alts but also open a short position at the same time to minimize the danger but to get this opportunity.
Where the yellow arrow is the primary goal for the long also going for short.
Hope my idea will help your trading.