I’m utilizing a Level & Determine chart setup for this text. I’m an avid Level and Determine dealer and advocate. I exploit candlesticks as my major chart kind, however I exploit Level & Determine to execute my trades. Level and Determine additionally information just one factor: worth. It’s the worth motion merchants chart kind. I really like the way it filters out all of the noise and little swings that happen on time primarily based charts like Japanese candlesticks. I’ve ignored the Fibonacci retracements and extensions on this chart on function as a result of, effectively, it appears to messy. The brief setup entails a Level & Determine sample generally known as bull entice. Bull traps happen when a purchase sign is generated, however then the subsequent column of O’s generates a promote sign. The entry of a brief at $30,000 would affirm a bull entice and supply a conservative revenue goal at $28,000. For the lengthy aspect of the market, I’ve recognized an excellent 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 need to see for Bitcoin on the subject of a retracement, which is a >40% drop (on this case, it could be a -46% drop).
Brief Entry: $30,000 – cowl at $28,000
Lengthy Entry: Purchase Restrict at $22,319.39
Just like Bitcoin, however with out the brief thought, Ethereum’s purchase restrict orders exist the place there’s a confluence of Fibonacci extension and Fibonacci retracement ranges. The 2 purchase ranges every include robust 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
I’m actually shocked 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 growth part.
Purchase Entry: Purchase Restrict at $93.00
Cardano represents one among 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 standard retracement of 40% to 50% throughout an growth part. 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 foremost swing excessive all the way in which 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 robust help zone right here.
Purchase Entry: However Restrict at $0.22