$BTC Weekly Chart

12 thg 12, 2023

BTC weekly chart with Fibonacci extensions from the low in December 2018 and the ATH in November 2021.

I've been using this chart for a couple years to swing trade Bitcoin using the Fibonacci levels as supports and resistances.

Bitcoin broke through resistance of the purple rising channel while also breaking the Fibonacci resistance at $36,000. I took out a long at $36,500 with a target price of $44,000, the next Fibonacci resistance. The target reached quickly and closed the position at $44,000. The Fibonacci level was then rejected and I took out a smaller short at $44,000. Still holding this position with a target of the support of the purple rising channel it recently broke out of. This will be around $38,000-$39,000. I will half of this position at $40,000 as this will act as a psychological support. Good luck trading.

12 thg 12, 2023

Ghi chú

Typo; I will close half of this position at $40,000 as this will act as a psychological support.

13 thg 12, 2023

Ghi chú

Closed half of short position at $42,500 for small profit. Stop loss at $45,000 for the rest.

14 thg 12, 2023

Ghi chú

Chart looks bullish. Closed rest of short position at $43,000. Waiting for a the chart to react at my levels to take another position.