Hello, Traders!
After long attempts to pass the resistance level of 18800 $ Bitcoin went into a correction to the support levels.
As we can see, the trend's acceleration ceased as a result of breaking the trendline growth from 15800 $, the price fell under the MA100 by 1-hour timeframe and formed a downward trend on the indicator RSI.
Now we can distinguish several zones of buyer's interest, each of which corresponds to the correctional Fibonacci levels :
17930 - 18245 $ (0,236)
17365 - 17600 $ (0,382)
16200 - 16475 $ (0,618)
15560 - 15800 $ (0,786)
We can observe the traded zone in the area between $17600-16475, consequently, if the next buy liquidity buffer between $177365-17600 does not stop the sellers then Bitcoin may be in a dangerous situation and will continue correction to $16475.
Trade with extreme caution and don't forget the risk-management!
Please leave your feedback on my setup in the comments below
After long attempts to pass the resistance level of 18800 $ Bitcoin went into a correction to the support levels.
As we can see, the trend's acceleration ceased as a result of breaking the trendline growth from 15800 $, the price fell under the MA100 by 1-hour timeframe and formed a downward trend on the indicator RSI.
Now we can distinguish several zones of buyer's interest, each of which corresponds to the correctional Fibonacci levels :
17930 - 18245 $ (0,236)
17365 - 17600 $ (0,382)
16200 - 16475 $ (0,618)
15560 - 15800 $ (0,786)
We can observe the traded zone in the area between $17600-16475, consequently, if the next buy liquidity buffer between $177365-17600 does not stop the sellers then Bitcoin may be in a dangerous situation and will continue correction to $16475.
Trade with extreme caution and don't forget the risk-management!
Please leave your feedback on my setup in the comments below
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.
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.