As you can see here, during the latest bitcoin
crash the lowest Fib line acted as a great support level
. We have now seen a small spike with not much volume
bringin up to the (0.236 Fib line 0.00002379) As we have now broke into this level, what we are looking for is for this area to turn into a new support level
. The idea here is to buy if we close over 0.236 fib line, while implementing a tight stop loss at this level, giving us little to no risk with huge rewards. Short term target is 15% profit reaching the next Fib line, which has proven to have held some resistance, and if we break that we continue to soar, Maximum long term potental of 84% gain. Key things to look for here is an increase in Volume
. The RSI
indicator has started to curve up from being very over sold which is a Bullish
sign. A great trade or investment with little to no risk from this area. Ideally we want to see if the Daily candle closes above 0.235 fib line before buying.