BTC Fib Retracement Progress
Updated
The Fibonacci retracement from the week's high of 10.5k USD is approaching the resistance level found currently at 9755 USD on a low time frame. This means that by close tomorrow we will see whether or not the resistance level can be flipped.
A close of any two consecutive green candles above that level in the next 24 hours would suggest the price will rise around 150 USD to ~9900 USD quickly.
Rejection at the .382 level would be the third candle on this 4H TF in the last 11 candles, or just one candle shy of 48 hours, indicating the resistance is too much and the support floor at 9575 would likely be next to break in a breakout downwards.
A close of any two consecutive green candles above that level in the next 24 hours would suggest the price will rise around 150 USD to ~9900 USD quickly.
Rejection at the .382 level would be the third candle on this 4H TF in the last 11 candles, or just one candle shy of 48 hours, indicating the resistance is too much and the support floor at 9575 would likely be next to break in a breakout downwards.
Comment
This candle is crucial. A close here above the 9901 level would be full confirmation of an S/R flip and would signal a continuation into the mid 10k range.
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