In the previous analysis, we were expecting bitcoin to move up from 0.5 - 0.618 fib levels. But what has happened is that price made a deep retracement towards 0.88 fib, which is good for us. why?
The 0.88 fib level is very close to the low = tight stoploss = higher Risk to reward = Big gains
LONG Setup:
- Watch the break of the descending blue trendline - Wait for a retest or a pullback for entry - Stoploss: Below 0.88 fib or below the recent low - Targets: 76k, 80k, 87k, 96k and 99k.
Good Luck and trade Safe
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BITCOIN Daily Update - Price made a new low and then broke the descending trendline
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