CRYPTOCAP:BTC weekly chart with Fibonacci extensions from the low in December 2018 and the ATH in November 2021.
I've been using this chart for a couple years to swing trade Bitcoin using the Fibonacci levels as supports and resistances.
Bitcoin broke through resistance of the purple rising channel while also breaking the Fibonacci resistance at $36,000. I...
Update of short position started September 28 at $92.70 at a failed break of resistance in a long term flag. Shorted 1000 shares with 5x leverage.
Closed half, 500 shares at $77 for a profit of ~$39,000, ~84%.
Short 500 shares remaining, stop loss at $84.
Looking for continuation to $65.
I took 2 shorts on Bitcoin recently using supports/resistances at the local max (~$61,800) and psychological price levels that caused a bounce in the chart on the 4hr timeframe ($60k, $58k, $57k, & $54k)
A failed bounce at the $60,000 support caused me to enter the first short at ~$59,500. The first bounce at support occurred at ~$54k which led me to close this...
Quick Bitcoin short after a failed backtest of ~$54,000 support turned resistance. MACD divergence and declining W%R from overbought were confirming indicators to take the trade. A break of support of the ascending channel led me to believe that continuation of to the next support level was impending. That level was the ~$46,000 3.618 fibonacci extension from...
Update from my last published idea.
My target of ~$26,000 hit and I exited half of my long there. As this is new ATH territory for $BTC there is no chart history to find the next resistance. That being said, I'm utilizing the Fibonacci extension from my 1W chart on a previously published idea and psychological resistance levels for my next targets.
$30,000 is...
Opened a long trade on $BTC at a price of ~$17,950 after some consolidation and a technical bounce at ~$17,800, the 0.786 Fibonacci retracement from my previous charts (titled Bitcoin Long 1W TF Sup/Res Fib. Ext.).
After opening the trade, I had an exit strategy if $BTC rejected resistance at ~$20,000 again. This time, we broke through the res.
Zooming out to a...
A retest and break of resistance at $16,000 led me to open a long during the early hours of Nov. 16th at a price of ~$16,200.
The next resistance was the golden ratio fibonacci extension @ ~$16,000 from the $10,000 to $20,000 fib extension I setup on my previous published trade. I expected heavy price action at resistance. Initially, Bitcoin broke resistance and...
The oversold stochastic RSI at support of $10,000 intrigued me to possibly enter a BTC long.
The rumors and negotiations of another stimulus package presented an idea to me that BTC's value would increase as the Federal Reserve printed more USD. Simple economics reveals that an increase in supply of a currency mean less purchasing power - inflation.
Bitcoin has...
