Correction on BTC soon
For the larger Fibonacci retracement, the key levels appear to be 0.382 ($42,908.91), 0.5 ($39,779.67), and 0.618 ($36,650.43). These levels are derived from a significant swing low to a significant swing high, often used to predict the extent of a retracement after a market move.
The smaller Fibonacci retracement levels are not explicitly labeled but are likely drawn from a more recent and minor swing high and low, which traders might use for short-term trading opportunities or to fine-tune entries and exits.
The candlestick patterns indicate a consolidation phase after a strong uptrend. The latest candles have shorter bodies with long wicks on both ends, suggesting indecision in the market. This type of price action can often precede a reversal or a continuation of the trend, depending on subsequent candle formations and supporting volume.The presence of the long wick candles at the top of an uptrend may suggest a potential for price reversal, often referred to as 'shooting stars' in candlestick terminology. However, without clear bearish confirmation following these candles, it is not a definitive indication.
The liquidity zones marked suggest areas where traders expect price to react. The upper liquidity zone is likely an area where traders anticipate sell orders might be clustered, and the lower liquidity zone suggests an area where there may be a concentration of buy orders.
The smaller Fibonacci retracement levels are not explicitly labeled but are likely drawn from a more recent and minor swing high and low, which traders might use for short-term trading opportunities or to fine-tune entries and exits.
The candlestick patterns indicate a consolidation phase after a strong uptrend. The latest candles have shorter bodies with long wicks on both ends, suggesting indecision in the market. This type of price action can often precede a reversal or a continuation of the trend, depending on subsequent candle formations and supporting volume.The presence of the long wick candles at the top of an uptrend may suggest a potential for price reversal, often referred to as 'shooting stars' in candlestick terminology. However, without clear bearish confirmation following these candles, it is not a definitive indication.
The liquidity zones marked suggest areas where traders expect price to react. The upper liquidity zone is likely an area where traders anticipate sell orders might be clustered, and the lower liquidity zone suggests an area where there may be a concentration of buy orders.
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