Looking at BTCUSD chart I can clearly see an area where it is very likely to see a reversal. This is the zone 8400-7600. Few intersting points to watch in that zone:
1) Bullish Gartley pattern completion at 8200$ (+3) 2) Major daily support level (previous highs) (+2) 3) Harmonic move completion AB=CD (+2) 4) Fib Ratio Confluence (1.272 Fib Ext + 1.414 Fib inversion + 0.618 Weekly Fib Retracement {measured from the 165$ lows}) (+1) 5) Daily RSI oversold possibly (+1) 6) MA 200 days getting closer
In my CTS trading strategy this case for entry will get a score of 8-9. This is a very high score in my opinion, so this should be considered as a high probability longterm trade. Stops and targets are up to you. If we take the tranditional Gartley stops and targets we get: Entry 8300 Stop loss 4950$ Target 1 11650$ (CD 38.6% Fib ret) Target 2 13800$ (CD 61.8% fib Ret)
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Trade still open. Just notice that on other exchanges like bitstamp the gartley is invalid but there is a bullish bat in progress. Entry point was around 7200$.
Also the next big support zone is at 4500-5000$ so I ll use a wider stop loss and give in order to give my trade some room until the bearish move bottoms.
Stop loss 3740$ (1.13 Fib ext of AB)
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Target 1 at 11650$ reached (20 Feb 2018) Target 2 not reached
50% of the position should be closed on the target 1 Rest 50% of the position should be closed on the breakeven point after target 1 was hit.