The 20 Day MA is a common point for support when the trend is upwards.
The wick may dip as far down as the 38.2% Fib @ $8139before reversing.
4Hour Chart:
If this MA fails to hold as support, the next Moving Average to look at is the 120 Day MA.
The wick may dip as far down as the 50% Fib Level @ $7812.
If this MA fails to hold as support, the next Moving Average to look at is the 55 Day MA.
The wick may dip as far down as the 61.8% Golden Ratio Fib Level @ $7486 and potentially extend to the 65% Fib @ 7397 to test the yellow broken diagonal extended trend line.
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Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
The wick may dip as far down as the 38.2% Fib @ $8139before reversing.
4Hour Chart:
If this MA fails to hold as support, the next Moving Average to look at is the 120 Day MA.
The wick may dip as far down as the 50% Fib Level @ $7812.
If this MA fails to hold as support, the next Moving Average to look at is the 55 Day MA.
The wick may dip as far down as the 61.8% Golden Ratio Fib Level @ $7486 and potentially extend to the 65% Fib @ 7397 to test the yellow broken diagonal extended trend line.
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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20 Day MA Support
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Be Aware!
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Bitcoin testing 120 Period MA.
