Hey all,
Bitcoin looks strong and not giving a short opportunity yet. You can ofcourse take your profits and go to a vacation, but the current levels looks like a Fibonacci Speed Fan 0.5 resistance flipped in to a new support.
Since i'm looking for a short opportunity the next level would be Fib 0.382 which coincides with the previous swing high at 52.922.
But first the physcological and technical level - 50k - needs to be passed, which also happens to be the middle of the uptrend channel and a very important make or break level.
Here's why 50k is even more important:
As you can see, we are still not out of the woods just yet. We are right below this very important resistance. It is also the upper boundary of a mega descending triangle, intersection point of giga down trend channel and our new uptrend channel which are both perfectly valid, yet one of them will be broken!
So, we have a final resistance ahead of us. You can wait until breakout and a retest of this area to go long while i will be looking to short the 52.922 before that 50k retest.
It all depends on your position and strategy. If you want to go long here, it would be too risky, but if you are ok with the amount you'll loose, then take the chance, but make sure it won't exceed 1%. That's not the stop loss level i'm talking about. You can have 4% stop loss and still loose only 1% if you apply good risk management by investing only 25% of your capital. (This is just an example)
But, hey what do i know :))
Trade safe!
Bitcoin looks strong and not giving a short opportunity yet. You can ofcourse take your profits and go to a vacation, but the current levels looks like a Fibonacci Speed Fan 0.5 resistance flipped in to a new support.
Since i'm looking for a short opportunity the next level would be Fib 0.382 which coincides with the previous swing high at 52.922.
But first the physcological and technical level - 50k - needs to be passed, which also happens to be the middle of the uptrend channel and a very important make or break level.
Here's why 50k is even more important:
As you can see, we are still not out of the woods just yet. We are right below this very important resistance. It is also the upper boundary of a mega descending triangle, intersection point of giga down trend channel and our new uptrend channel which are both perfectly valid, yet one of them will be broken!
So, we have a final resistance ahead of us. You can wait until breakout and a retest of this area to go long while i will be looking to short the 52.922 before that 50k retest.
It all depends on your position and strategy. If you want to go long here, it would be too risky, but if you are ok with the amount you'll loose, then take the chance, but make sure it won't exceed 1%. That's not the stop loss level i'm talking about. You can have 4% stop loss and still loose only 1% if you apply good risk management by investing only 25% of your capital. (This is just an example)
But, hey what do i know :))
Trade safe!
