BTC USDT | Trade Setup | Bearish Retest | .618 Fib
Todays Analysis – BTC/USDT – low time frame analysis - establishing a bearish retest of local swing high.
Points to consider:
- Bullish Trend
- Dynamic trend support + 200 EMA support
- Bearish local swing high retest + .618 confluence
BTC/USDT trading in an uptrend with trend support and 200 EMA acting as support.
Price failing to establish an immediate higher high, rejected at the .618 Fibonacci retracement is indicative of a bearish retest of local swing high.
A break and close below ‘no mans land’ validates a short trade with a technical target of daily support or consolidation above the zone validates a long trade into structural resistance.
Overall, in my opinion, further price development will indicate the direction of the next impulse and validation of a long or short trade.
Thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Bullish Trend
- Dynamic trend support + 200 EMA support
- Bearish local swing high retest + .618 confluence
BTC/USDT trading in an uptrend with trend support and 200 EMA acting as support.
Price failing to establish an immediate higher high, rejected at the .618 Fibonacci retracement is indicative of a bearish retest of local swing high.
A break and close below ‘no mans land’ validates a short trade with a technical target of daily support or consolidation above the zone validates a long trade into structural resistance.
Overall, in my opinion, further price development will indicate the direction of the next impulse and validation of a long or short trade.
Thank you for following my work!
And as always,
Focus on you, and the money will too!
Penafian
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