BTCUSDT wants the 0.618?
Updated
the price got a rejection from 45k with a Doji 4h candle on the daily resistance and old 4h dynamic support now new resistance. In the previous analysis, I said that the price could continue until 1.618 if the price will have a breakout of 46k with volume and retest. This scenario is still valid.
But in a short term, if the price is going to lose the current support we could see a retest of the previous W neckline exactly on 0.618 Fibonacci level.
How to approach?
If the price is going to lose the current support and retest it as new resistance, we can apply our rules for a short position until the 0.618 Fibonacci level. A breakout is not enough, we need to have a strategy for that reason we are following Plancton's rules
–––––
Follow the Shrimp 🦐
Keep in mind.
But in a short term, if the price is going to lose the current support we could see a retest of the previous W neckline exactly on 0.618 Fibonacci level.
How to approach?
If the price is going to lose the current support and retest it as new resistance, we can apply our rules for a short position until the 0.618 Fibonacci level. A breakout is not enough, we need to have a strategy for that reason we are following Plancton's rules
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Note
The price had a rejection from our key levels and printed a clear 4%
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.