BTCUSDT is testing the 0.786 Fibonacci Level
The price had a rejection as expected from the Supply zone and we made more than 7% since our previous idea.
On the daily timeframe ( the upper one) the price is testing a key level on 37k, if you look on the left you can find rejections and bounces, which means that this area is very strong, exactly on the 0.786 Fibonacci level.
On 4h Timeframe we can find an M pattern, and after the breakdown from the descending channel and retest of its neckline, our strategies were triggered and we opened a new short position.
How to approach?
We could see a bounce on that level until 38k. We are watching for the next breakdown and if the price is going to lose its support the next valid support is 34k
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Follow the Shrimp 🦐
Keep in mind.
On the daily timeframe ( the upper one) the price is testing a key level on 37k, if you look on the left you can find rejections and bounces, which means that this area is very strong, exactly on the 0.786 Fibonacci level.
On 4h Timeframe we can find an M pattern, and after the breakdown from the descending channel and retest of its neckline, our strategies were triggered and we opened a new short position.
How to approach?
We could see a bounce on that level until 38k. We are watching for the next breakdown and if the price is going to lose its support the next valid support is 34k
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
We could see a retest of 0.618 Fibonacci level before the breakout of 36k.
IF the price is going to have a breakout of the daily support, the next valid support is the weekly one, on 33k.
The setup is invalid above 41k
don't miss it! 🦐