Bitcoin: Where is the Bounce?!
After nearly a 40% drop from the retest of the bearish pennant at 10k, Bitcoin is now setting on the trend line that supported the 6k level back in 2018.
So far, BTC has actually broken below this level, and has since seen roughly a 10% bounce so far putting us back above.
However if history repeats itself, which it often does, this historic trend line should provide ample support for a bounce.
As many of us know, this market tends to move sideways for some time after a significant move. Therefore I am expecting BTC to hover within the painted triangle above before deciding on a direction.
With us sitting just above this major trend line, my bet is that we will be moving up for a retrace.
Therefore my current trade is the following:
Entry: $7000
Target 1: $8500
Target 2: $9600
Stop/Loss: $6500
Be sure to check out my idea on why I didnt think the 40% daily was bullish:
So far, BTC has actually broken below this level, and has since seen roughly a 10% bounce so far putting us back above.
However if history repeats itself, which it often does, this historic trend line should provide ample support for a bounce.
As many of us know, this market tends to move sideways for some time after a significant move. Therefore I am expecting BTC to hover within the painted triangle above before deciding on a direction.
With us sitting just above this major trend line, my bet is that we will be moving up for a retrace.
Therefore my current trade is the following:
Entry: $7000
Target 1: $8500
Target 2: $9600
Stop/Loss: $6500
Be sure to check out my idea on why I didnt think the 40% daily was bullish:
Transaction en cours
Support zone still holding. Long trade active.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.