Bitcoin has rejected from the local channel high, where the VWAP and the 0.618 Fibonacci retracement created strong confluence. The rejection was confirmed by a clear engulfing candle, sending price back toward the base of the previous consolidation zone.
A series of candle closes around this area may occur before a decisive move forms. For now, BTC remains structurally contained within its broader trading channel, signalling slow and corrective behaviour unless a breakout develops.
Key Points
- Rejection at channel high with VWAP + 0.618 Fib confluence
- Engulfing candle signals weakening momentum
- Price revisits prior consolidation base
What to Expect
If BTC holds this consolidation base, a short-term bounce is possible. A breakdown, however, would reopen lower support retests within the trading channel.
A series of candle closes around this area may occur before a decisive move forms. For now, BTC remains structurally contained within its broader trading channel, signalling slow and corrective behaviour unless a breakout develops.
Key Points
- Rejection at channel high with VWAP + 0.618 Fib confluence
- Engulfing candle signals weakening momentum
- Price revisits prior consolidation base
What to Expect
If BTC holds this consolidation base, a short-term bounce is possible. A breakdown, however, would reopen lower support retests within the trading channel.
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Join the Free Trading Group
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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.