A few days ago I posted about a correction possibly going back to the 4200-5800 level.
now that it is happening, the question is when will it stop?, well nobody knows for sure but if i have to guess i would lookback to the rally that btc had and failed at these levels which is june 2018.
my safest bet would be at 3levels of support mainly around 6600, 6300, and 5800. which is also supported by the Fibonacci ret.
my strategy is to buy orders equally split around these areas to be safe in case it does not drop to the levels expected.
buying 30% at 6600, 30% at 6300, and 40% at 5800 levels. that way I can minimize the risk of catching the falling knife while maximizing gains.
if all 3 targets will be hit it will average to a cost of around 6200USD.
if you miss one or two targets, you still get at least a third of the gains if it bounces back up before the targets.
now that it is happening, the question is when will it stop?, well nobody knows for sure but if i have to guess i would lookback to the rally that btc had and failed at these levels which is june 2018.
my safest bet would be at 3levels of support mainly around 6600, 6300, and 5800. which is also supported by the Fibonacci ret.
my strategy is to buy orders equally split around these areas to be safe in case it does not drop to the levels expected.
buying 30% at 6600, 30% at 6300, and 40% at 5800 levels. that way I can minimize the risk of catching the falling knife while maximizing gains.
if all 3 targets will be hit it will average to a cost of around 6200USD.
if you miss one or two targets, you still get at least a third of the gains if it bounces back up before the targets.