My current thoughts and trade plan on BTCUSD (Bitfinex). All feedback welcome!
A small short opportunity may be upcoming, as BTC is about to reach a level that is: - Long term 0.236 Fibonacci extension level - Short term 0.618 Fibonacci retracement level - 200 MA (close) - Previous support (now resistance?)
BTCUSD (Bitfinex) is about to reach a potential resistance level that is: - Long term 0.236 Fibonacci extension level - Short term 0.618 Fibonacci retracement level - 200 MA (close) - Previous support (now resistance?) - Potential RSI bounce?
Entry: Around 9650
Stop: Just above 10000 - Slightly above the first pivot above the 0.618 retracement - A big even
Target: 9100 - Just above 0.5 Fib retracement level - Previous support - Move stop down to just above 9500 if reached and hope for extended target
Extended target: 8540 - Just above the 0.382 Fib retracement level - Previous support