BTCUSDT wants the 0.618 Pullback?
The recent price movement you described indicates some interesting developments in the market. Here's the interpretation of the scenario you provided:
BTCUSDT recently experienced a bounce from the $28,800 area, where the market appears to have found new liquidity. This suggests that there was a significant level of buying interest at that price point, which halted the downward movement and possibly indicates the presence of strong support.
Currently, the price is testing a dynamic resistance level. This could refer to a resistance level created by a moving average, trendline, or other technical indicator that is responsive to recent price action. If the price manages to break above this dynamic resistance, it might indicate a potential shift towards bullish sentiment.
You mentioned that if the price creates a new bullish impulse, it could lead to a retest of the 0.618 Fibonacci retracement level at the $30,600 area. The 0.618 Fibonacci level is derived from the Fibonacci sequence and is considered a significant retracement level in technical analysis. A retest of this level after a bullish impulse could suggest that the price is continuing its upward movement and potentially aiming for higher levels.
According to Plancton's Rules, a new long position is suggested if the price indeed manages to create a new bullish impulse and retests the $30,600 area. A long position involves buying the asset with the expectation that its price will rise, aligning with the anticipated bullish movement.
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Follow the Shrimp 🦐
Keep in mind.
BTCUSDT recently experienced a bounce from the $28,800 area, where the market appears to have found new liquidity. This suggests that there was a significant level of buying interest at that price point, which halted the downward movement and possibly indicates the presence of strong support.
Currently, the price is testing a dynamic resistance level. This could refer to a resistance level created by a moving average, trendline, or other technical indicator that is responsive to recent price action. If the price manages to break above this dynamic resistance, it might indicate a potential shift towards bullish sentiment.
You mentioned that if the price creates a new bullish impulse, it could lead to a retest of the 0.618 Fibonacci retracement level at the $30,600 area. The 0.618 Fibonacci level is derived from the Fibonacci sequence and is considered a significant retracement level in technical analysis. A retest of this level after a bullish impulse could suggest that the price is continuing its upward movement and potentially aiming for higher levels.
According to Plancton's Rules, a new long position is suggested if the price indeed manages to create a new bullish impulse and retests the $30,600 area. A long position involves buying the asset with the expectation that its price will rise, aligning with the anticipated bullish movement.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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