Daily Candles: Let's look at targets for this bounce

in #bitcoin2 years ago (edited)

Ok with my last post calling the bottom within 3 minutes(lucky) I thought I would look at targets for this bounce.

Fibonacci Retracements

The 2 colourful walls you see are the Fibonacci retracement targets. The left one drawn from the 20 high to the low, and the right one from the 11.8k area that we held for a week or 2 last month.

Whether they work because, a mass of humans making emotional decisions are predictable, or because enough traders think they work, I am not sure. But you will regularly find bounces around key fib supports.

My Targets

My marco plan for this year is to sell all near 20k and then buy heavy if it breaks above, as I think if it does it will be the start (middle) of a bull run to 50k+ (no real upper limit). But as I bought heavy in 7.5 to 8.5 range, I need to reduce position before 20k.

9.6k and 10.k

7.5-11.8 50% and 61.8% fibs, only small sells to deleverage myself.


The 100D MA, it held the price up for nearly 2 weeks in the drop and I expect it to be equally troublesome on the way up. In fact if we get a strong rejection of it we may be in for further falls.

13.5k and 15k

7.5-20 50% and 61.8% fibs. While the other I expect to hit in the next week or so, the timeframe on these are months.

Thanks for reading.



My favourite site for trading is Bitmex, as the future contracts allow for lots of arbitage opportunites and the leverage lets me leave most of my stash safe in cold storage. If you don't already use it and would like to sign up, here is a referral link that will get you 10% off fees and rewards me with 10% of the fees you pay, we both win.

A coupld of exchange sites I also use are binance and hitbtc, I find them about as good as the other exchanges to be honest but these have referal links so I figure I'd shill for them.

binance link

hitbtc link

More posts

If you like this post there will be more like it on my posts page, this account will be dedicated to posting about trading cryptocurrencies and maybe a bit of general stock markets.

If that sounds good please consider upvoting, following or resteeming. If you are feeling particularly wild you could do all 3.


Please do not invest on the advice of a stranger on the internet, only use this advice here as a starting point for your own research, and then if you choose to invest please only invest an amount that you can afford to lose.

Made with this pic as a template


Thank you for the information @kevinbacon.
I have never received advice from people I do not know and have not been tested

It's dangerous to listen to advice from strangers but also it is dangerous to only listen to those you know.

Trading gets overwhelming. I have tried a few daytrades and missed but it def was a learning experience. I have just HODL with my initial buys from 2 years ago. Thank you for this post...

Yea in my opinion you shouldn't actively trade if you can't dedicate at least 30 hours a week to it. I should add something like that to my signature.

As for holding, while it has worked for the last 2 years don't be fooled into thinking it will always work. If the paper worth of your crypto is more than 5% of your net worth you should consider selling some.

Congratulations @kevinbacon! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Vote for @Steemitboard as a witness to get one more award and increased upvotes!