BitcoinLong
Will BTC find support?
Mis à jour
Looking at the 4 hour chart here. We have retraced from the down trend line as expected. Two main factors I want to point out.
1. We are flirting with a very very important level here. The 11k zone has acted as support and resistance over the past few months. It also (not coincidentally) coincides with the .618 Fib level. This is the perfect technical level for the price to retrace too, find support and start a further rally.
2. The RSI is deeply oversold on the 1hr, approaching oversold on the 4hr and firmly neutral on the daily.
Given these factors, a bounce off this support zone is expected. However, we can still dip to 10500 without support being broken. So I'm calling for a long trade here but allocate no more than 25% in case we see a further dip. I would use a dip to cost average the trade. Scaling in and out of trades is good practice.
Happy Trading!
1. We are flirting with a very very important level here. The 11k zone has acted as support and resistance over the past few months. It also (not coincidentally) coincides with the .618 Fib level. This is the perfect technical level for the price to retrace too, find support and start a further rally.
2. The RSI is deeply oversold on the 1hr, approaching oversold on the 4hr and firmly neutral on the daily.
Given these factors, a bounce off this support zone is expected. However, we can still dip to 10500 without support being broken. So I'm calling for a long trade here but allocate no more than 25% in case we see a further dip. I would use a dip to cost average the trade. Scaling in and out of trades is good practice.
Happy Trading!
Note
Entered long at 10820. 1% daily profit target hit. Gonna let most of it ride. If this support holds we will bounce back to 11400 in no time.
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