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

in bitcoin •  8 months ago

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.

11.8k

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.

KevinBacon





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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...

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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.

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

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