Hi Guys,
Here's my thoughts on the near term for BTC.
As we are currently rejecting the lower high of the of this local up trend I'm am hoping for a move down to around 31k ish level ( the -1.618 fib). If this happens it means we have the lost the 4hr support level of around 32.2k ish (-0.618). If we then find support at this 31.1k area I'm expecting a retest of the 32.2k area which is where I will be taking a short in hopes of BTC testing lower support areas around 29.5k and 26.5k. The 26.5k area lines up in a very strong support area for BTC, which means I will most likely close my short and open a long on rest of that area.
Any comments are welcome.
Cheers.
Here's my thoughts on the near term for BTC.
As we are currently rejecting the lower high of the of this local up trend I'm am hoping for a move down to around 31k ish level ( the -1.618 fib). If this happens it means we have the lost the 4hr support level of around 32.2k ish (-0.618). If we then find support at this 31.1k area I'm expecting a retest of the 32.2k area which is where I will be taking a short in hopes of BTC testing lower support areas around 29.5k and 26.5k. The 26.5k area lines up in a very strong support area for BTC, which means I will most likely close my short and open a long on rest of that area.
Any comments are welcome.
Cheers.