A little hard to see on picture but, a large fib plotted on left and smaller fib plotted on right side.
The THICK solid orange horizontal lines are support and resistance levels. There is also a THIN orange line which is a weak support/resistance level.
Note the 0.5 and 0.382 fib levels on left (large) fib coincide with solid orange horizontal lines (support/resistance levels).
Note the 0.618 fib level of right (Small) fib coincides with the solid orange horizontal line as well.
Also note that the right small fib retraced to a red line and is expected to extend to the red line above (0.618 fib level).
Hence, the levels to watch are:
1. $40,685 : 2 fibs and a THICK/STRONG support/resistance level overlapping :-)
2. $45,851: 1 fib and a THICK/STRONG support/resistance level overlapping.
3. $37,793: 1 fib (0.18 on small fib) and a THIN/WEAKER support/resistance level overlapping.
Would expect at this point for BTC to rally close to $38k and possibly stall. If (when) breaks through, should make it to $40.7k before finding major resistance.
Happy trading!
The THICK solid orange horizontal lines are support and resistance levels. There is also a THIN orange line which is a weak support/resistance level.
Note the 0.5 and 0.382 fib levels on left (large) fib coincide with solid orange horizontal lines (support/resistance levels).
Note the 0.618 fib level of right (Small) fib coincides with the solid orange horizontal line as well.
Also note that the right small fib retraced to a red line and is expected to extend to the red line above (0.618 fib level).
Hence, the levels to watch are:
1. $40,685 : 2 fibs and a THICK/STRONG support/resistance level overlapping :-)
2. $45,851: 1 fib and a THICK/STRONG support/resistance level overlapping.
3. $37,793: 1 fib (0.18 on small fib) and a THIN/WEAKER support/resistance level overlapping.
Would expect at this point for BTC to rally close to $38k and possibly stall. If (when) breaks through, should make it to $40.7k before finding major resistance.
Happy trading!