Hello traders .
as i mentioned in my previous idea about BTC , price got rejected from around 0.618 level and comes down about 18% , so congratulation to everyone , who was followed my ideas . you can find my previous idea , down bellow of this update about BTC .
so let's talk about the pattern that i found in the chart :
in the 4H chart you can clearly see , BTC rejected from the 0.618 fib retracement level and after losing the 4H structure ( yellow box ) dump was start.
but why I say this level is important for the BTC price , in the harmonic pattern it's very important to find PRZ area and one of the important rule is , you must find the price area with high alignment of the fib levels and also support and resistance structure .
so let's explain this for you guys , but before we goes into the chart , don't forget to follow me to can take advantages of the market moves :
for remaining bullish on the BTC , price needs to hold above the previous low at 37250$ , and also if you pull up the FIB retracement tool from the previous low , up to the top , you can see price found support exactly at 0.786 fib level , but why this level ( 40700 $ ) is very important :
1_ 0.786 fib retracement level
2_ daily support
3_ AB=CD (bullish) is ended exactly in this area
4_ 1.618 fib extension =
you can see in the 1.618 fib level , we have huge shadow in the candle stick pattern , and this shows us that in this area BTC price have high demand .
so in my opinion there is very possible to comes down again to prove this area as support for the BTC price but price must hold above the previous low at 40200$ ; then we can say , the chance of reversal is getting higher for this area.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
as i mentioned in my previous idea about BTC , price got rejected from around 0.618 level and comes down about 18% , so congratulation to everyone , who was followed my ideas . you can find my previous idea , down bellow of this update about BTC .
so let's talk about the pattern that i found in the chart :
in the 4H chart you can clearly see , BTC rejected from the 0.618 fib retracement level and after losing the 4H structure ( yellow box ) dump was start.
but why I say this level is important for the BTC price , in the harmonic pattern it's very important to find PRZ area and one of the important rule is , you must find the price area with high alignment of the fib levels and also support and resistance structure .
so let's explain this for you guys , but before we goes into the chart , don't forget to follow me to can take advantages of the market moves :
for remaining bullish on the BTC , price needs to hold above the previous low at 37250$ , and also if you pull up the FIB retracement tool from the previous low , up to the top , you can see price found support exactly at 0.786 fib level , but why this level ( 40700 $ ) is very important :
1_ 0.786 fib retracement level
2_ daily support
3_ AB=CD (bullish) is ended exactly in this area
4_ 1.618 fib extension =
you can see in the 1.618 fib level , we have huge shadow in the candle stick pattern , and this shows us that in this area BTC price have high demand .
so in my opinion there is very possible to comes down again to prove this area as support for the BTC price but price must hold above the previous low at 40200$ ; then we can say , the chance of reversal is getting higher for this area.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
