BTS should retest support previous support after approaching resistance at previous consolidation. We have a nice short stop which leaves us a favorable R:R.
Happy to hear your thoughts!
Happy to hear your thoughts!
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Of course, 1275 would be a good take-profit target if you want to reduce overall risk or simply get a W on the books and btc back in your wallet.
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Well, we just missed our entry point of 1385. After hitting 1350, BTS dropped to 1152 which would have tripped your first take profit. If you were a bit looser with your entry point congratulation an the 15% gain in 2 hrs.
The above analysis may still come to pass, as the fibs, supports, etc have not changed.
However, to be adaptive we should also consider that 1350 was the top of this wave. A close below 1275 suggest the .38 fib is broken, and we should open a short toward the target of 1065. Tight stop at 1300.
The above analysis may still come to pass, as the fibs, supports, etc have not changed.
However, to be adaptive we should also consider that 1350 was the top of this wave. A close below 1275 suggest the .38 fib is broken, and we should open a short toward the target of 1065. Tight stop at 1300.
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Had a close on the 30 minute below 1275. Short initiated. Stop at 1300; Target 1065.
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Stopped out at 1300
As you can see BTS has resumed its path in the upward channel, which brings us right back to our original set up. Entry at 1385; final target of 1065, partial profit taking at the .38 fib optional
Stopped out at 1300
As you can see BTS has resumed its path in the upward channel, which brings us right back to our original set up. Entry at 1385; final target of 1065, partial profit taking at the .38 fib optional
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Same as last time. Missed entry by a hair, oh well. BTS hit 1370 before descending to 1120.
A clear downward channel is forming. So we won't likely be seeing a return to the high 1300s.
A clear downward channel is forming. So we won't likely be seeing a return to the high 1300s.