BTC - Long1. The colored horizontal areas show Fibonacci retracement levels, which traders use to spot possible support and resistance zones where the price might reverse or continue its move.
2. The 0% level is at the top (115,943) and the 100% level is at the bottom (109,523).
3. The price is currently near 113,207 and close to the 50% (112,732) and 61.8% (111,975) retracement levels.
4. Volume bars at the bottom show how much Bitcoin is being traded at each time.
5. If price bounces from the 50% or 61.8% levels (these are green and blue zones), traders can consider buying (long entry), hoping the price will go up. Always watch for a reversal candle or increased volume at these levels before entering.
6. Place your stop-loss just below the 61.8% level. For example, below 111,975.
7. Set your first target near the 38.2% level (113,490) and second target near the 23.6% level (114,428).
8. If price breaks below the 61.8% level with strong volume, avoid buying and look for a sell setup instead.
9. This setup uses common trading concepts like Fibonacci, support and resistance, and volume confirmation. Remember to wait for confirmation signals and manage risk with stop-loss orders.
