BTC downtrend break out - long target $46,500

BTC has broken up out of the downtrend and indicators on 4hr timeframe also confirm long signal.

Looking at larger timeframes a bounce seems overdue and the recent sell off is over-extended. BTC has also found support at the 1.618 fibonacci level from the previous bull cycle & retracement.

Target - $46,500 - 2.618 fib level

I'm not calling for new ATHs just yet but risk/reward favours longs at these levels. On the macro & fundamentals side uncertainty remains so be careful out there...



8hr and 12hr timeframes look good for a bounce:

Daily timeframe for fibs bigger picture:

Kommentar:

BTC breaking out

Trade geschlossen: Ziel wurde erreicht:

Ding ding ding

See new idea for future updates