BTC/USD Simple Fib Outlook and Expectations
Hello fellow traders,
Before I start I would like to ask you to follow, like or comment on my ideas if you find them useful, it really means a lot.
I am looking at a Fibonacci retracement from the last years highs we made in June of 2019. By just this look we can see that we haven't had a monthly close above 0.61 level since August of 2019 (making it one year soon) , which makes this level very significant as we all know.
If we were to close this month candle above 0.61 level I think we have chances to go and test the highs from the last year. The monthly close at this level plays a big role, since it has been a monthly resistance for a while. There fore we can either ''dance'' at this levels 10074-8865 , or I think we will see a close above or under very soon. However I would like you to keep in mind that closing above or under will determine the short term trend.
If we were to close above 10073 we can see the test of 13000, or if we close under I am pretty sure that we will see 7652 very fast.
So my advice to all trading BTC is to wait, be patient, and wait for the monthly close. From there we will have much clearer picture of where BTC is headed in the short term (few months) period.
Wish you all good luck and smart trades
Before I start I would like to ask you to follow, like or comment on my ideas if you find them useful, it really means a lot.
I am looking at a Fibonacci retracement from the last years highs we made in June of 2019. By just this look we can see that we haven't had a monthly close above 0.61 level since August of 2019 (making it one year soon) , which makes this level very significant as we all know.
If we were to close this month candle above 0.61 level I think we have chances to go and test the highs from the last year. The monthly close at this level plays a big role, since it has been a monthly resistance for a while. There fore we can either ''dance'' at this levels 10074-8865 , or I think we will see a close above or under very soon. However I would like you to keep in mind that closing above or under will determine the short term trend.
If we were to close above 10073 we can see the test of 13000, or if we close under I am pretty sure that we will see 7652 very fast.
So my advice to all trading BTC is to wait, be patient, and wait for the monthly close. From there we will have much clearer picture of where BTC is headed in the short term (few months) period.
Wish you all good luck and smart trades
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