Significance of Fibonacci in making BTCUSDT Charts!

Hi Everyone!

Another Update on our BTCUSDT Chart.

Looks like we are now proceeding as per our last projections wherein we suggested that BTCUSDT might be looking for $42000 levels.

AS those levels are now achieved and we have a somewhat stabilized BTCUSDT movement. It is now time for us to take a look at BTCUSDT Chart one more time.

Negative Narrative:
We have noticed that BTCUSDT is currently facing some rejections from Fibo 0.5 Range. This can now either turn into a good support for us, or can be considered as a good resistance level. One thing is clear though, if we fail to go up from here, we will be expecting BTCUSDT to touch $41300 - $42000 levels again, which will in turn prove beneficial to us in the long run as most Retailers will be out of the picture and only HODLERS shall remain in the game, thus indicating a healthy upward price action taking support from 38.2 fibo range. This movement will also strengthen the overall price action of Entire crypto Markets, as we will be satisfying VPVR POC in all technical aspects.


Positive Narrative:
For now let's not be too pessimistic about BTC and think of a scenario where it goes up from here.
From what we can see in our Chart, We have successfully tested 38.2% fibo range once (without taking support at 61.8% or 50% fibo ranges as marked in our chart). This is actually a good news for the market since we can only go up from here to test 50% and 61.8% fibo ranges even if its just a relief rally. We are currently testing 50% fibo range and with this we do expect a negative movement in btc but we covered that in the above paragraph. So considering the steep fall in BTC few days ago, we should now be looking forward to 61.8% fibo range, with a retest of 50% range after it hits 61.8% range. But offcoarse BTC movements can't be that simple and we should expect the unexpected. We also noticed a trendline coming from APR to Sep Month range, and thus, we might need to retest this as well, in which case, we will again be looking forward to our STAR 38.2% fibo range, which will be our top most priority to take major positions.


DISCLAIMER: We share these articles for people to discuss our charts with us. We, in no way suggest that any trades shall be taken on our charts alone. Please do your own TA and FA before taking any minor/major positions in the market.