(Bitfinex Chart)
There is a potential for a bearish push back into the $3880 level before we see a rise to the supply zone of $4240 on the Daily chart. A daily break today below $3945.9 would give me a good indication that this opportunity is going to be present.
A green demand zone has been draw on the H4 timeframe from the 26th Feb and dragged into the current day. On the 8th March, a significant bearish wick tapped on the bottom of this zone giving us further conformation that there is buying pressure at that zone. We could potentially see another wick like this one in the coming days.
Confluences - Third touch on a Daily trendline, 61.8% Fib, H4 and H1 demand zone and a H4 200EMA.
Buy limit has been set at $3880
Stop loss - $3766.8 (113.2 pips)
Take profit - $4240 (360 pips)
This gives a reasonably good risk/reward of 3.18/1
There is a potential for a bearish push back into the $3880 level before we see a rise to the supply zone of $4240 on the Daily chart. A daily break today below $3945.9 would give me a good indication that this opportunity is going to be present.
A green demand zone has been draw on the H4 timeframe from the 26th Feb and dragged into the current day. On the 8th March, a significant bearish wick tapped on the bottom of this zone giving us further conformation that there is buying pressure at that zone. We could potentially see another wick like this one in the coming days.
Confluences - Third touch on a Daily trendline, 61.8% Fib, H4 and H1 demand zone and a H4 200EMA.
Buy limit has been set at $3880
Stop loss - $3766.8 (113.2 pips)
Take profit - $4240 (360 pips)
This gives a reasonably good risk/reward of 3.18/1