Bitcoin Off Support with an Expected Short Term Rally To 45.2K
Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The cryptocurrency Bitcoin (BTC) appears to have found some support around the 2.618 Fibonacci extension for 44135. BTC had hit some resistance around the 46800 price level and declined 6.8% towards 43600. Expectations are for a rally towards 45200. Failure of this move will be observed by a return towards 43600.
Technical Indicators
Along with the Fibonacci price zones, BTC’s RSI is off oversold levels. Also there is some positive divergence in the RSI’s Momentum. Moreover, there has been a positive crossover on the longer-framed KST.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 43600 price level and a target of 45200. This produces a risk-reward ratio of 1.47.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in BTC.
The main view of this trade idea is on the 15-Min Chart. The cryptocurrency Bitcoin (BTC) appears to have found some support around the 2.618 Fibonacci extension for 44135. BTC had hit some resistance around the 46800 price level and declined 6.8% towards 43600. Expectations are for a rally towards 45200. Failure of this move will be observed by a return towards 43600.
Technical Indicators
Along with the Fibonacci price zones, BTC’s RSI is off oversold levels. Also there is some positive divergence in the RSI’s Momentum. Moreover, there has been a positive crossover on the longer-framed KST.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 43600 price level and a target of 45200. This produces a risk-reward ratio of 1.47.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in BTC.
עסקה סגורה: היעד הושג:
Move stops to Break Even and monitor for a change in trend.
