LRCBTC Weekly S/R|Range High|.618 Fibonacci|Technical Divergence

11 août 2020

Evening traders,

Today’s Analysis – LRCBTC – breaking back into weekly structure with the immediate target range high.

Points to consider,
- Immediate trend bullish
- Weekly S/R confluence (.618 Fibonacci)
- Range high target
- Oscillators diverging
- Structural higher low

The immediate directional bias is bullish due to consecutive structural HH’s and HL’s. The weekly S/R is in technical confluence with the .618 Fibonacci, an S/R flip retest is likely to hold true.

Range high is the immediate target, breaking this level will continue the trend; higher weekly targets will be objectives.

Oscillators are both diverging, price established a higher low, and oscillators established a lower low, this is a technical hidden bullish divergence.

Overall, in my opinion, an S/R Flip retest of the weekly level will allow for a valid long with defined risk. Price is action is to be used upon discretion and management of the trade.

What are your thoughts?

Thank you for following my work!

And remember,

“When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.” – Mark Douglas