Took 50% profit on $BTC when the price hit the blue 61.8% Fibonacci level, and now looking for a re-buy of that 50% at the shallow red 38.2% Fibonacci retracement level. Right around $3700
This red 38.2% level matches up nicely with the Fibonacci number "55" EMA (which the price has not been above for almost a flipping year). This area should bring buying interest to hold a strong drop.
The volume today and the move we saw is a nice pattern to re-test the blue 61.8% level and the red bearish trend line. Look for a likely break on the next move to the upside.
I moved my sell stop on the remaining 50% up to 3450 which is well above my breakeven basis from this latest trade.
Buy Dips!
Thoughts?
This red 38.2% level matches up nicely with the Fibonacci number "55" EMA (which the price has not been above for almost a flipping year). This area should bring buying interest to hold a strong drop.
The volume today and the move we saw is a nice pattern to re-test the blue 61.8% level and the red bearish trend line. Look for a likely break on the next move to the upside.
I moved my sell stop on the remaining 50% up to 3450 which is well above my breakeven basis from this latest trade.
Buy Dips!
Thoughts?