BTCUSD
is moving towards a test of two levels: - A valid fractal formed the evening of Feb 27 around $11k.
- The alligator's starting to eat; the awesome oscillator shows positive, accelerating momentum; two squat bars have broken to the upside with positive acceleration and momentum; volume is increasing.
- If the fractal is broken, watch carefully for signs of rejection or breakthrough at $11.5, the 0.5 Fib retrace level from the January bull trap to the recent market low.
My strategy:
- Place a buy stop a tick above the $11k fractal.
- If stop is hit, watch acceleration, momentum, and volume.
- If weak, look to take profit just below $11.5k.
- If strong, watch for break above $11.5k, confirming as support and setting the stage for further moves up. Set trailing stop based on updated analysis.
This is only my opinion and should not be taken as investment advice. For investment advice, seek a professional (which ain't me!).