BITCOIN - POTENTIAL COUNTER TREND OPPORTUNITY
BITCOIN LOOKS TO BE IN A BULLISH TREND BUT WE MAY SEE SOME SELLING AROUND THE 6500 LEVEL
REASONS FOR ENTRY
- 6500 EVEN HANDLE PSYCHOLOGICAL NUMBER, (POTENTIALLY LOTS OF SELL ORDERS AROUND THIS LEVEL)
- COMPLETION OF AB=CD MOVE
- FIBONACCI 161.8% EXTENSION COMPLETION
- MAJOR STRUCTURE LEVEL, MULTIPLE TESTS AND REJECTIONS AT THIS LEVEL AS SUPPORT AND RESISTANCE
- CENTER OF A LARGE WEDGE PATTERN
- RSI OVERBOUGHT
-RSI DIVERGENCE
ENTRY
I WOULD LOOK FOR A SIGNAL CANDLE AT OR AROUND THIS LEVEL TO ENTER A TRADE, TARGETS AROUND PREVIOUS RESISTANCE LEVEL
A MORE CONSERVATIVE APPROACH WOULD BE TO WAIT FOR A DOUBLE TOP AT THIS LEVEL
REASONS FOR ENTRY
- 6500 EVEN HANDLE PSYCHOLOGICAL NUMBER, (POTENTIALLY LOTS OF SELL ORDERS AROUND THIS LEVEL)
- COMPLETION OF AB=CD MOVE
- FIBONACCI 161.8% EXTENSION COMPLETION
- MAJOR STRUCTURE LEVEL, MULTIPLE TESTS AND REJECTIONS AT THIS LEVEL AS SUPPORT AND RESISTANCE
- CENTER OF A LARGE WEDGE PATTERN
- RSI OVERBOUGHT
-RSI DIVERGENCE
ENTRY
I WOULD LOOK FOR A SIGNAL CANDLE AT OR AROUND THIS LEVEL TO ENTER A TRADE, TARGETS AROUND PREVIOUS RESISTANCE LEVEL
A MORE CONSERVATIVE APPROACH WOULD BE TO WAIT FOR A DOUBLE TOP AT THIS LEVEL
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