At last!
we all knew in the BTFD group it had to happen, still lots of theories going around to where Bitcoin will rest its lowest low for Q2 in 2018
April will be, find the floor month, still not 100% convinced we have bottomed out yet, 30th march brought bitcoin down to a low of 6500, with initial dump hitting 6600 (our BTFD estimate given for target was 6650)
In the daily chart given we can see that both of the upwards Gann fans, one for the low of feb and another back last year, giving two parallel trend support lines which bitcoin has bounced off a few times in the hourly charts, we saw the bounce reach the fib level and came back down to retest again, can this hold that is the question we are looking at...
Indicators show clearly oversold but still needs to come back up
We did have a death cross pop on the 200 and 50 MA's and being near full moon emotions are high once again for big movements either way, volume is way up since retesting the low
personally looking for long setups now, safer trader might want to wait till we clear the redline of down trend resistance before going long on bitcoin
more aggressive traders may way to buy near the recent low and put stops right under the last low for a minimual risk-reward, this can also appy to the major alts too on USDT pairs
Use the fib levels for taking profit, re-entry or a guide to where the major bounces and rebounds will happen
good trades to all and have a good spring/autumn holiday, bless
we all knew in the BTFD group it had to happen, still lots of theories going around to where Bitcoin will rest its lowest low for Q2 in 2018
April will be, find the floor month, still not 100% convinced we have bottomed out yet, 30th march brought bitcoin down to a low of 6500, with initial dump hitting 6600 (our BTFD estimate given for target was 6650)
In the daily chart given we can see that both of the upwards Gann fans, one for the low of feb and another back last year, giving two parallel trend support lines which bitcoin has bounced off a few times in the hourly charts, we saw the bounce reach the fib level and came back down to retest again, can this hold that is the question we are looking at...
Indicators show clearly oversold but still needs to come back up
We did have a death cross pop on the 200 and 50 MA's and being near full moon emotions are high once again for big movements either way, volume is way up since retesting the low
personally looking for long setups now, safer trader might want to wait till we clear the redline of down trend resistance before going long on bitcoin
more aggressive traders may way to buy near the recent low and put stops right under the last low for a minimual risk-reward, this can also appy to the major alts too on USDT pairs
Use the fib levels for taking profit, re-entry or a guide to where the major bounces and rebounds will happen
good trades to all and have a good spring/autumn holiday, bless
