Bearish target for BTCUSD
Updated
Fibonacci Retracement tool: We can simply observe that price tested .382 level support, then it fell to .5 which could act as a strong support and the next level after breaking the support at level .5 would be the .618.
Interesting thing to note here is:
It seems price will retest .382 level, if it will act as a resistance then for sure we are breaking down to our next short target.
Disclaimer:These are not the trade signals, only my analysis and observations.
Interesting thing to note here is:
- yellow ascending broadening wedge breakout target(50190 approx) matches almost with .382 level of fibb. This target is already met as mentioned in my previous idea.
- green rising wedge's target matches exactly with .618 fibb level (43114 approx)
It seems price will retest .382 level, if it will act as a resistance then for sure we are breaking down to our next short target.
Disclaimer:These are not the trade signals, only my analysis and observations.
Note
53126 could act as resistance and let us see if .382 still act as a support level if got rejected by 53126.Trade closed manually
not bearish anymore, at this point btc is bullish so closing this one.
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