Analysis $BTC / Strategy
Key levels (according to the chart, as of now)
$106,550 - Fibonacci level 0.618 — nearest support (no bounce, ignore)
$105,400 - Fibonacci level 0.5 — strong support, coincides with MA25 (there is a bounce)
$104,200 - Fibonacci level 0.382 — main support (but breaks down, I will catch below)
$100,500 - zero Fibonacci level, lower boundary of the channel (there is a bounce)
$110,400 - upper boundary of the channel, at the point in a week
$111,990 - previous local maximum
$114,000 - potential profit zone (top of the channel + excess momentum)
Strategy
Currently placing ORDER#1 (75% of capital):
purchase at the price of $105,400; target $110,000; stop-loss: $103,500 (below the broken down Fibonacci level 0.382)
If it breaks further down, the stop-loss of the first order will trigger, I will place ORDER#2 (75% of capital):
purchase at the price of $101,500; target $110,000; stop-loss: $99,900 (below the broken down zero Fibonacci level)
If the chart aggressively goes up and breaks $111K, I will invest with a target of $114K. I will adjust according to the situation.
What do you think of this strategy, pros/cons?
