BTCUSDT wants to retest the 0.382 Fibonacci Level
Updated
The price bounced on the daily support on 39800 As I Told you in the previous analysis and now the price wants to retest the 0.382 Fibonacci level on the weekly resistance on 42k
On the 4h timeframe, the price has a supply zone on 42300
How to approach?
IF the price is going to retest the 42k and got a rejection, we can apply our rules for a new short position. The scenario is invalidated above the 43k
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the 4h timeframe, the price has a supply zone on 42300
How to approach?
IF the price is going to retest the 42k and got a rejection, we can apply our rules for a new short position. The scenario is invalidated above the 43k
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
the price is testing the 0.5 Fibonacci level ad resistance. We could see a spike on 0.618 Fibonacci level before e new bearish impulse until the previous Daily supportNote
3.5% after my update.congrats Planctoners, MTB is satisfied here
Note
4% since my ideaNote
7% 😎 so farAs I said during my previous video, the market wants to retest the lower trendline of the daily ascending channel.
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