BTC - Update on structure - Golden Zone Rejection incoming?

15 févr. 2023

We are quickly finding some rejection at this trendline as I expected we would. What I want to point out is there is an important 61.8% internal retracement up above and it looks like we want to test it.

From a horizontal perspective, it looks like there's going to be a lot of horizontal resistance in that zone if we do happen to test it. Why is this level interesting to me? Well, I'm glad you asked!

Some of my favorite trades are a 61.8% rejection to a -23.6% target. Look at where the -23.6% target lands us. Right at the bottom of the short term demand zone! The level hits perfectly. Almost too perfect. That puts an accumulation target at 20671. If we get there, you better be buying.

As always, we don't have to get there if the 61.8% selling algo loses. Watch the indicators and notice they're starting to get overbought. The weekly (white) wave is getting up there, too. Haven't been up here in a while.

16 févr. 2023

Trade fermée manuellement

The 61.8% selling algo lost and we blasted off instead. If you've been following along, you'll know that I've been bullish but provided this bearish alternative for anybody interested.