Bitcoin (BTCUSD)
Above: Bitcoin
I’m utilizing a Level & Determine chart setup for this text. I’m an avid Level and Determine dealer and advocate. I take advantage of candlesticks as my main chart kind, however I take advantage of Level & Determine to execute my trades. Level and Determine additionally data just one factor: worth. It’s the worth motion merchants chart kind. I like the way it filters out all of the noise and little swings that happen on time based mostly charts like Japanese candlesticks. I’ve not noted the Fibonacci retracements and extensions on this chart on objective as a result of, properly, it seems to be to messy. The quick setup includes a Level & Determine sample often known as bull lure. Bull traps happen when a purchase sign is generated, however then the following column of O’s generates a promote sign. The entry of a brief at $30,000 would affirm a bull lure and supply a conservative revenue goal at $28,000. For the lengthy aspect of the market, I’ve recognized an incredible zone for a Purchase Restrict order at $22,319.39. The highlighted blue zone represents two key Fibonacci ranges: a 161.8% extensions and a 61.8% retracement. That worth degree additionally fulfills what we wish to see for Bitcoin in the case of a retracement, which is a >40% drop (on this case, it might be a -46% drop).
Quick Entry: $30,000 – cowl at $28,000
Lengthy Entry: Purchase Restrict at $22,319.39
Ethereum (ETHUSD)
Above: Ethereum
Just like Bitcoin, however with out the quick concept, Ethereum’s purchase restrict orders exist the place there’s a confluence of Fibonacci extension and Fibonacci retracement ranges. The 2 purchase ranges every comprise sturdy Fibonacci ranges. The primary degree at $774.44 is a confluence of the 50% Fibonacci retracement and the 161.8% Fibonacci extension. The second purchase degree at $622.34 is a confluence of the 61.8% retracement and the 200% extension.
First Purchase Entry: Purchase Restrict at $774.44
Second Purchase Entry: Purchase Restrict at $622.34
Litecoin (LTCUSD)
Above: Litecoin
I’m truthfully stunned that Litecoin didn’t accomplish what each Bitcoin and Ethereum did on this newest bull run: create new all-time highs. The purchase restrict zone I’ve recognized has three essential confluence worth ranges. The primary is the Fibonacci retracement of 61.8%, the second is the 100% Fibonacci extension, and the third is the -50% drop from the prior swing excessive. That -50% drop falls into line with Litecoin’s regular retracement quantity throughout an enlargement section.
Purchase Entry: Purchase Restrict at $93.00
Cardano (ADA/USD)
Above: Cardano
Cardano represents considered one of my largest hodl positions in cryptocurrencies. It’s additionally a enjoyable one to build up and swing commerce. Like the remainder of the cryptocurrency market, Cardano has a traditional retracement of 40% to 50% throughout an enlargement section. The purchase restrict zone I’ve recognized at $0.22 has three essential Fibonacci confluence zones. The primary is the 23.6% retracement from the swing low of 0.03 to the most important swing excessive all the best way up at $0.85 (January 2018). The zone contains the Fibonacci 141.4% Fibonacci extension and the 50% Fibonacci retracement. The purchase entry at $0.22 is -44.43% beneath the Level and Determine excessive of $0.39. I’m anticipating a powerful help zone right here.
Purchase Entry: However Restrict at $0.22
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