PHX/BTC Optimal retracement for a 25% run explained
We got a break in the market structure here, and now we have to wait for some retracement to look for a buy.
There's a bullish breaker nested between .62 and .705 fib retracements which is a great spot for Phoenix to retrace before attempting to break new highs. This retrace would also fill that small void we left during the pump.
Some terms I used here:
-Bullish breaker - an orderblock (a green or red candle, in this case green) that preceeded a move that took out a previous swing low, but was later nuked through. If the price comes back to that block, it is expected to act as support.
-Void - a fast move in the market in one direction, usually in just a few candles and without any proper retracements during the move. Most of the time after the move is done the price will eventually come back to "fill the void". Also called an "inefficient move".
Original idea by Svarog https://www.tradingview.com/chart/PHXBTC/V3fp7XcT-PHX-BTC-Optimal-retracement-for-a-25-run-explained/
(When a Bitcoin bullish breakout messes with your idea it's never a bad thing, the concept remains very much the same - Jack)
There's a bullish breaker nested between .62 and .705 fib retracements which is a great spot for Phoenix to retrace before attempting to break new highs. This retrace would also fill that small void we left during the pump.
Some terms I used here:
-Bullish breaker - an orderblock (a green or red candle, in this case green) that preceeded a move that took out a previous swing low, but was later nuked through. If the price comes back to that block, it is expected to act as support.
-Void - a fast move in the market in one direction, usually in just a few candles and without any proper retracements during the move. Most of the time after the move is done the price will eventually come back to "fill the void". Also called an "inefficient move".
Original idea by Svarog https://www.tradingview.com/chart/PHXBTC/V3fp7XcT-PHX-BTC-Optimal-retracement-for-a-25-run-explained/
(When a Bitcoin bullish breakout messes with your idea it's never a bad thing, the concept remains very much the same - Jack)
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