With the unprecedented growth in Bitcoin, would it make sense to sell in such a bullish market? Where it's a highly volatile market, this can be profitable in the short-term, which could mean a time horizon of several hours if you're looking at a 5-minute chart.
Fibonacci harmonic patterns are statistical models which identify trading signals. Fibonacci retracement tools are available online. This is a bearish Bat pattern which indicates a potential downswing from point D. As I'm writing this, a downswing is developing, which makes the time horizon so important. If you decide to sell, choose stop loss and take profit prices, usually at point X and B respectively. Then you can just set and forget your pricing targets and hopefully buy back at a lower price (B). Just keep in mind the amount of risk you're willing to take.
I hope this helps fellow traders!
It will go to 4500 maybe 4800 before crashin a bit then up then down again..
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It will most likely hit $4500 and possibly $4800 before we see another $400 down swing. But I expect to see $100 & $200 dips along the way.
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Useful information you have here. I do long term as I lack the temperament for day trading.
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Thanks, that's understandable. Holding for the long-term is certainly profitable!
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Yes
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