#BTC has encountered substantial resistance at both weekly and monthly (1W/1M) timeframes.
The 4-hour (4H) chart reveals sideways price action and a formation of a lower high, indicating potential bearish pressure. Expect a retracement targeting the 61.8% - 78.6% Fibonacci zone, derived from a significant daily swing low to swing high.
Trade Suggestion:
- Monitor for signs of a bearish shift in the trend on the lower time frame to confirm the retracement.
- Consider short positions upon breakdown from the current range, targeting the Fibonacci zone.
- Stop-Loss: Implement a carefully calculated stop-loss above the recent swing high to manage risk effectively.
Disclaimer:
This analysis is offered for educational purposes only and should not be interpreted as direct financial advice. Always conduct your own thorough research and implement sound risk management practices before initiating any trades.
The 4-hour (4H) chart reveals sideways price action and a formation of a lower high, indicating potential bearish pressure. Expect a retracement targeting the 61.8% - 78.6% Fibonacci zone, derived from a significant daily swing low to swing high.
Trade Suggestion:
- Monitor for signs of a bearish shift in the trend on the lower time frame to confirm the retracement.
- Consider short positions upon breakdown from the current range, targeting the Fibonacci zone.
- Stop-Loss: Implement a carefully calculated stop-loss above the recent swing high to manage risk effectively.
Disclaimer:
This analysis is offered for educational purposes only and should not be interpreted as direct financial advice. Always conduct your own thorough research and implement sound risk management practices before initiating any trades.
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