Hey Traders,
As we can see, BTCUSD is currently trading on a range. After making an impulsive move to the upside, it retraced to the center of the range which matches with the 0.786 level of the Fibonaci anchored from the last low to high. Currently price rejected multiple candles on the marked area which could indicate a possible new higher low being created in the marked zone. If price keeps moving to the upside, the targets as profits are marked on the charts which are the previous high, and the 141.4% of the move to complete an AB=CD move in this market. Failure to continue to the upside and a break of the previous low will indicate a change in trend direction
As we can see, BTCUSD is currently trading on a range. After making an impulsive move to the upside, it retraced to the center of the range which matches with the 0.786 level of the Fibonaci anchored from the last low to high. Currently price rejected multiple candles on the marked area which could indicate a possible new higher low being created in the marked zone. If price keeps moving to the upside, the targets as profits are marked on the charts which are the previous high, and the 141.4% of the move to complete an AB=CD move in this market. Failure to continue to the upside and a break of the previous low will indicate a change in trend direction