BTCUSDT wants the 0.618 Pullback?
The recent price movement you described indicates some interesting developments in the market. Here's the interpretation of the scenario you provided:
BTCUSDT recently experienced a bounce from the $28,800 area, where the market appears to have found new liquidity. This suggests that there was a significant level of buying interest at that price point, which halted the downward movement and possibly indicates the presence of strong support.
Currently, the price is testing a dynamic resistance level. This could refer to a resistance level created by a moving average, trendline, or other technical indicator that is responsive to recent price action. If the price manages to break above this dynamic resistance, it might indicate a potential shift towards bullish sentiment.
You mentioned that if the price creates a new bullish impulse, it could lead to a retest of the 0.618 Fibonacci retracement level at the $30,600 area. The 0.618 Fibonacci level is derived from the Fibonacci sequence and is considered a significant retracement level in technical analysis. A retest of this level after a bullish impulse could suggest that the price is continuing its upward movement and potentially aiming for higher levels.
According to Plancton's Rules, a new long position is suggested if the price indeed manages to create a new bullish impulse and retests the $30,600 area. A long position involves buying the asset with the expectation that its price will rise, aligning with the anticipated bullish movement.
–––––
Follow the Shrimp 🦐
Keep in mind.
BTCUSDT recently experienced a bounce from the $28,800 area, where the market appears to have found new liquidity. This suggests that there was a significant level of buying interest at that price point, which halted the downward movement and possibly indicates the presence of strong support.
Currently, the price is testing a dynamic resistance level. This could refer to a resistance level created by a moving average, trendline, or other technical indicator that is responsive to recent price action. If the price manages to break above this dynamic resistance, it might indicate a potential shift towards bullish sentiment.
You mentioned that if the price creates a new bullish impulse, it could lead to a retest of the 0.618 Fibonacci retracement level at the $30,600 area. The 0.618 Fibonacci level is derived from the Fibonacci sequence and is considered a significant retracement level in technical analysis. A retest of this level after a bullish impulse could suggest that the price is continuing its upward movement and potentially aiming for higher levels.
According to Plancton's Rules, a new long position is suggested if the price indeed manages to create a new bullish impulse and retests the $30,600 area. A long position involves buying the asset with the expectation that its price will rise, aligning with the anticipated bullish movement.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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.