Hello traders, this is day three of my analysis on the BTC/EUR pair on the 240 min chart and it is amazing how price action is following my previous analysis to the tee. Please look at my previous articles because I will be referring to them in this post.
https://steemit.com/bitcoin/@domavila/in-depth-analysis-of-the-btceur-pair-who-is-going-to-win-the-bears-or-the-bulls
https://steemit.com/bitcoin/@domavila/btceur-pair-update-and-analysis
I mentioned in my previous posts that 530 EUR or the 0.382 fibonacii retracement was going to be a key level of resistance where the bulls and bears would be fighting it out and this morning it was! The bulls pushed price past the 0.0382 retracement all the way to the 536 EUR mark but then the bears fought back, clamped down on the bulls and price was rejected. If you don't know already, I absolutely love fibs and from my chart you can see why.
It looks like this battle is going to be fought right around the 530 EUR mark at the 0.382 fib retracement and I am really enjoying watching this play out. If the bulls can push price past this level and hold it the 0.0382 fib or 530 EUR will act as support and we can expect to see price move to the upside. If the bears succeed in pushing price down and reject 530 EUR we can expect to see price retest the 507 EUR mark, which is the other 0.382 fib retracement.
Trade Status: Long
Entry: 473
Stop Loss: Moved up to 504 EUR to guarantee profit
Target 1: 507 EUR (Target 1 has been hit 1/3 of my position is closed)
Target 2: 555 EUR
Target 3 (Bonus): 687 EUR
Current BTC/EUR on Kraken: 529.94
Current BTC/USD price on GDAX: 588.30
I hope you all enjoyed my trade analysis and feel free to ask any questions and comment. Remember to trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at tradingview in the chat and feel free to look at my published charts here.
https://www.tradingview.com/u/domavila/#published-charts
Peace- domavila out