BTC just hit the all strong 0.236 Fibonacci retracement on 4H TF in order to always have a complete view and understanding of the possibilities this idea is a bit focused on how bulls could surprise and strike back as no one knows it can just start a wave 3 right now. So market can do some little consolidation and resume to target on 0.0 Fibonacci (6.6/6.5K) or start some very strong wave 3 replaying uptrend all previous key levels and if this occur We already have some idea to cover the unexpected. As always you can trade both sides using risk management on your favor, you can't avoid taking risks on market to gain your reward !
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Just to highlight how important this level at 0.236 (7.9K) Fibonacci was relevant on recent history:
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Market is doing some consolidation and soon to confirm direction. It's already coming down but you never know it is just mounting a pivot or resuming bearish. The overall plan is for 6.6K/6.5K but It can shake a bit to offload too much short positions:
Interesting TA. Thank you. Since price did cross 0.618 do we have confirmation that it will continue down to 6.6k? is the current bounce up to 8.4k just a reactionary bounce up?