BTCUSD came within 126 of an important Fib level that could represent significant overhead resistance. Traders would do well to limit their exposure here.

continued for members…

Note that this is the .786 Fib retracement of the drop from 69,000 to 15,613 between Nov 2022 and Nov 2023. Note also that this push is subsequent to a substantial pullback at the .618, meaning that it’s a textbook Gartley pattern which has occurred on pretty significant negative divergence.

The most modest pullback one would expect if the pattern plays out is to the .618 at 48,606 – also the site of a neckline for the IH&S set up by the .618 pullback – a 15% pullback from today’s high.As I try to always do when posting about BTC, this is the wild, wild West. There is plenty of price manipulation on the part of bulls, so a push above the .786 would open the door to the .886 at 162,914. Set your stops accordingly.

GLTA