BTC long
A little hard to see on picture but, a large fib plotted on left and smaller fib plotted on right side.
The THICK solid orange horizontal lines are support and resistance levels. There is also a THIN orange line which is a weak support/resistance level.
Note the 0.5 and 0.382 fib levels on left (large) fib coincide with solid orange horizontal lines (support/resistance levels).
Note the 0.618 fib level of right (Small) fib coincides with the solid orange horizontal line as well.
Also note that the right small fib retraced to a red line and is expected to extend to the red line above (0.618 fib level).
Hence, the levels to watch are:
1. $40,685 : 2 fibs and a THICK/STRONG support/resistance level overlapping :-)
2. $45,851: 1 fib and a THICK/STRONG support/resistance level overlapping.
3. $37,793: 1 fib (0.18 on small fib) and a THIN/WEAKER support/resistance level overlapping.
Would expect at this point for BTC to rally close to 38k and possibly stall. If (when) breaks through, should make it to 40.7k before finding major resistance.
Happy trading!
The THICK solid orange horizontal lines are support and resistance levels. There is also a THIN orange line which is a weak support/resistance level.
Note the 0.5 and 0.382 fib levels on left (large) fib coincide with solid orange horizontal lines (support/resistance levels).
Note the 0.618 fib level of right (Small) fib coincides with the solid orange horizontal line as well.
Also note that the right small fib retraced to a red line and is expected to extend to the red line above (0.618 fib level).
Hence, the levels to watch are:
1. $40,685 : 2 fibs and a THICK/STRONG support/resistance level overlapping :-)
2. $45,851: 1 fib and a THICK/STRONG support/resistance level overlapping.
3. $37,793: 1 fib (0.18 on small fib) and a THIN/WEAKER support/resistance level overlapping.
Would expect at this point for BTC to rally close to 38k and possibly stall. If (when) breaks through, should make it to 40.7k before finding major resistance.
Happy trading!
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