If BTC looses the 38400 -37200 range I will be looking for long a long entry around 34750 -34000 range for a possible swing to back-test resistance zone 38-40k before a last test of support at 32.5 -30k.. Thereafter I expect a strong move to the upside and my target would be around 49 -56k depending on extensions and pivots taken on the push.. First major pivot to...
Note that the first "failed wave rejected at 1.13 (Also 0.382 Major fib), thereafter dropping breaking the 1.886 piv.
Next we tried to push upwards again rejecting 1.13 fib (0.618 Local)
What could follow is another push to the downside. I am looking at the 1.272 - 1.618 local fib projections as possible entry points.
Looks like we have found support at the 30k zone for now and I expect to see a push to the upside to sweep the highs before another move to the downside.
I am currently testing harmonic reversal zones and so far it has proven to be quite accurate.
Spotted strong bearish divergence on the daily and 4Hr charts for NZDJPY
I have opened a short trade as we have strong resistance around the 75.xx region (could see a last push up to 75.600 max 75.800)
Tp1 target is in the green box around 74.400 (might keep a portion running if we lose trend support.
Will update when we get there.
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This is my trading idea..
BTC might have 1 more test of previous high (hunt for early shorts) before we get the retrace.
I am going to monitor levels and move my sl into profit as we go. Targeting 0.618 as my TP but will check what reaction we get there before I open my new long position as I believe we might go as low as 18xxx as a hunt before the 3rd leg up...
We have broken out of a rising wedge with nice HIDDEN BEARISH DIVERGENCE ON THE 4H..
Next I expect a relieve bounce or some sort of consolidation pattern followed by another drop to my blue zone.
This is where I would like to open a LONG position with a tight SL below the falling wedge.. Planning to start building my LONG from 9000 down to the bottom of the wedge...
Imo we are going to have a leg up from here and get shot out and drop down at 9600/9700 resistance.
Quick correction and another leg up to complete leg 5. (Followed by a sharp drop (ABC))
TARGETS: 9450, 9550, 9650, 9700 (WILL BE MOVING MY STOPLOSS AS WE GO)
Always protect your capital - Don't let the bears win you mentally!! TAKE PROFIT!!
I see 2 different scenarios here:
1) Bounce between yellow and purple and break upwards (LONG) or downwards to the yellow line, where we will bounce back to the top yellow line.
2) Break through the purple line and bounce of the bottom yellow line at around $182.. Where we will have a possible shirt opportunity +-4% Entry 182 target 190.