BTC LONG | 4.8R

28 Şub 2021

BTCPERP

Bitcoin is seeing a pullback with a failure to hold the 46K to 47K range where we should've seen the strongest support, however historically seeing 30% draw downs during it's bull run is common.

Purely looking at price action we can see the next rungs of support targeting 40K with Volume Profile Visible Range suggesting this is where the next highest level of trading volume with take place. Landing here would be another 30% draw down too so reasonable to assume price will respond well here and bounce however of course there are no guarantees.

IF price were to respond well here the using a Trend Based Fibonacci Extension from the last move up would provide a target price of approximately $64,000.

Our entry is $41685 slightly above the 40K level to help ensure bids get filled.

Our stop is $36233 which would break below 3 of the highest volume nodes in the value area of VPVR which price should respond well too and not break below which if it does would indicate we're going to see much more downside.

This trade would provide a 4.8R return.