BTCUSDT is testing a key level
Updated
The market is very nervous due to the Russia and Ukraine conflict.
From my previous idea(tradingview.com/chart/BTCUSDT/FLFQjH6u-BTCUSDT-is-testing-the-0-618-Fibonacci-Level/) , we made more than 12% and now the market is testing the first important level on 0.886 Fibonacci level and static support.
We could see a bounce until the daily resistance or a new false breakout from it with a retest of 37k as well.
How to approach?
We are waiting for a retest of our structures for a new bearish impulse until our key level is around 33k.
33k is a weekly support and it's so important, so if the price is going to have a retest and it will satisfy our rules, we can look for a new short position or increase the existing one.
The scenario is invalidated above the 40k
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Follow the Shrimp 🦐
Keep in mind.
From my previous idea(tradingview.com/chart/BTCUSDT/FLFQjH6u-BTCUSDT-is-testing-the-0-618-Fibonacci-Level/) , we made more than 12% and now the market is testing the first important level on 0.886 Fibonacci level and static support.
We could see a bounce until the daily resistance or a new false breakout from it with a retest of 37k as well.
How to approach?
We are waiting for a retest of our structures for a new bearish impulse until our key level is around 33k.
33k is a weekly support and it's so important, so if the price is going to have a retest and it will satisfy our rules, we can look for a new short position or increase the existing one.
The scenario is invalidated above the 40k
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Note
Today is a bad day, The war starts and the market is so nervous.
The price is going to retest the daily resistance as expected, we could see a new retest of 0.382. 0.5 Fibonacci level before a new bearish impulse until 33k
We made more than 12% since my first idea.
Congrats!
Note
What a bounce! the price got a bounce exactly on the 0.886 Fibonacci level and not the market is testing again the supply zone!If the price is going to have a breakout and a daily close above 41k could be a nice reversal sign!
Let's see 👀
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