LAST HOPE for BTC Support (FIBONACCI 0.786)
In my previous idea post I mentioned the Support Confluence (circled in ORANGE at 22.7k) that has to hold for BTC to get a nice bounce. Price broke that and my bias started to turn bearish and I have been shorting since.
At the time of post, BTC reacting against 2 major Support Confluence (17.7k) circled in GREEN.
1. Order Block (GREEN rectangle) that broke Dec '17 ATH.
2. Fib 0.786 line as drawn in the chart.
Profits for short position have been taken partially as I mentioned to my followers when BTC tapped 17.7k region. Slowly transitioning my bias from Bearish to Neutral. 22k would be a HUGE Resistance to break from now till end of June. This is the previous support flip to resistance.
A long position for BTC with a SL below 15.8k will give a huge RR Ratio. Break below here will open doors to 10k or even lower.
At the time of post, BTC reacting against 2 major Support Confluence (17.7k) circled in GREEN.
1. Order Block (GREEN rectangle) that broke Dec '17 ATH.
2. Fib 0.786 line as drawn in the chart.
Profits for short position have been taken partially as I mentioned to my followers when BTC tapped 17.7k region. Slowly transitioning my bias from Bearish to Neutral. 22k would be a HUGE Resistance to break from now till end of June. This is the previous support flip to resistance.
A long position for BTC with a SL below 15.8k will give a huge RR Ratio. Break below here will open doors to 10k or even lower.
1. Avoid noise in the lower TF
2. Ample time to make a sound decision
3. Teach patience as it takes a longer time to reach a key area you are looking for
4. Flexible to trade any time of the day and match personal schedule
5. Require smaller capital as moves are larger per trade
Cons:
1. Your learning curve is slower