So it looks like BTC might be breaking out of the downtrend channel and forming an uptrend channel. This might be an opportunity to get in and lock some profits.
It has already retraced at the 61.8 fib level on wave 2 and it is forming another wave as we speak. I am unsure on how high it will go but it is possible for it to break the resistance on the yellow trend-line (Ascending channel). I am assuming that it will be a 1:1 fib extension and that wave 4 will retrace at about 23-38% since we have seen this behavior on the previous waves. I am anticipating for it to reach 1.618 after the 1:1 fib extension based on the 1:1 fib rule also because of the previous trends we have seen on BTC. Also looking at the RSI you can see a standard wedge and it clearly broke out of. The volume is a bit low for my liking but I will play this because I am confident in previous behavior.
I am going for a 5% gain here I will keep you guys updated.
*This is not financial advice*
*This is not educational either because my TA's suck* lol
*I am trying to get better everyday* :D
It has already retraced at the 61.8 fib level on wave 2 and it is forming another wave as we speak. I am unsure on how high it will go but it is possible for it to break the resistance on the yellow trend-line (Ascending channel). I am assuming that it will be a 1:1 fib extension and that wave 4 will retrace at about 23-38% since we have seen this behavior on the previous waves. I am anticipating for it to reach 1.618 after the 1:1 fib extension based on the 1:1 fib rule also because of the previous trends we have seen on BTC. Also looking at the RSI you can see a standard wedge and it clearly broke out of. The volume is a bit low for my liking but I will play this because I am confident in previous behavior.
I am going for a 5% gain here I will keep you guys updated.
*This is not financial advice*
*This is not educational either because my TA's suck* lol
*I am trying to get better everyday* :D
Order storniert:
I closed at 10,400 didnt go as I planned but thats trading for you.
I just broke even.
I just broke even.