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Bitcoin Finding Support in an Uptrend

Bitcoin Finding Support in an Uptrend

Bitcoin / Dollar BITFINEX:BTCUSD


https://www.tradingview.com/x/Msp0w6QQ/

Bitcoin             has had a Deep retracement to Fib 38.2 as shown on the chart. Note that if the current low does not hold, it may want to test Fib 23.6, another popular deep retracement support level . It has made a Bullish counter trend line break giving our STOP at the low below the counter trend line which is 6306, an ENTRY at the candle following a candle that is clearly above the counter trend line . Note my use of a 45 degree counter trend line . I find this angle giving reliable crosses. The entry should thus be at 6396. Given a deep retracement to Fib 38.2, our target for profit should be at Fib 138.2 extension which is at 7112. Note that when entering into a trade, I find it useful to know your STOP, this is the value to be given first, Your TARGET…this is the value to be given second, once the retracement support is known and your ENTRY which given last when price has made a clear close above the counter trend line . So you STOP, TARGET and ENTRY values should be know before you enter into any trade. I hope this helps. Thank you.

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