UPDATE WITH ENTRY. I like the risk to reward.
entry and stop-loss.
as we all know. The golden pocket (0.618) often play out to become the pullback area. which is why I enter a long there. the stop-loss was placed under 0.886 because according to fibonacci this is a level where a reversal of the trend gets executed.
Target
the 70k area is an area of resistance. I am playing it safe so I will exit my total position there. I might take partial profits on the way up on areas of resistance. Because "the 1,2 and 3 rule in making money is to not lose money" - Warren Buffet.
PS:
The drawn chart behavior is vague. Dont expect it to move exactly like this. Its just a draft I made really quick...
as we all know. The golden pocket (0.618) often play out to become the pullback area. which is why I enter a long there. the stop-loss was placed under 0.886 because according to fibonacci this is a level where a reversal of the trend gets executed.
Target
the 70k area is an area of resistance. I am playing it safe so I will exit my total position there. I might take partial profits on the way up on areas of resistance. Because "the 1,2 and 3 rule in making money is to not lose money" - Warren Buffet.
PS:
The drawn chart behavior is vague. Dont expect it to move exactly like this. Its just a draft I made really quick...
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