Bitcoin is pulling back. Great timing to enter the rally. The question is WHERE exactly? Here are some potential entry points.
In no particular order:
- $1,900: Confirmed support/resistance level (once).
- $2,200: Mildly confirmed resistance level and 38.2% Fibonacci Retracement level.
- $1,700: Pinpointed sup/res confirmation and 61.8% Fib level. The strongest in my opinion.
- $1,300: Resistance level.
- $900: 6-month low and support. Very unlikely to drop below that.
The Fibonacci levels have been drawn based on the weekly chart. Then I move down to the daily chart to pick my spots. Mind you, trading cryptocurrencies continues during the weekend, so a weekly candlestick is completed on Sunday night! Thus, don’t hurry up to jump to conclusions on Friday evening!
Remember, risk management is way more important than entry points. Know how (much) to trade.
Featured photo: spaxiax/Shutterstock
