Entry: Aggressive traders will use the break of 6800 USD as a market execute entry. More...
Stop-loss: 7482 USD. Previous Swing High.
Target / Take profit levels: The classic target would be around the discussed prior 4320 USD zone - 0.786 Genesis Fibonacci Level. Conservative traders should be taking profit around 1:1 extension level ~ 6000 USD level due to a double bottom confluence and 1.618 extension ~ 5500 USD, which is a reasonable horizontal level on 1D.
Risk level: Low - Medium
Scenario 2: Closing price above 7500 USD on 1D.
This is not a clear cut scenario trade and its success rate is completely dependent on the risk management of trader. This is a multi-day counter trend trade.
If the trader is going long:
Entry: Open a position once the closing print above 7500 USD is established on 1D.
Stop-loss: 7100 USD.
Target: 7800 - confluence of 1W and 1M resistances. 8200 USD - previous week weekly close.
Risk level: High - Extremely High.
If the trader is going short:
*This trade will be updated if the scenario takes place, the outlined entry, target and stop-loss levels are given ahead and will need adjustment in the future.
Entry: Accumulate positions around 8400 - 9050 USD
Stop: 9400 USD.
Target: Use Scenario 1. Long-term Short trade.
Risk level: Medium
Good Luck, Traders,
Blockchain Whispers Team