Market Context:
BTC has broken below a key support level, indicating potential for continued downside. Price is currently retracing after a sharp sell-off, but the overall structure remains bearish unless significant levels are reclaimed.
Technical Overview:
- The previous support zone has been broken, turning it into potential resistance.
- Price is now entering a lower Fair Value Gap (FVG), which could serve as a reaction zone.
- A larger FVG higher up, aligning with the 0.618–0.65 Fibonacci retracement zone, presents a more significant area to watch for a possible reversal.
Scenario:
Price may retrace into the lower FVG and continue pushing up toward the premium FVG zone. This area coincides with the 0.618–0.65 Fib levels, where a shift in momentum or bearish confirmation could trigger a move lower.
Key Points:
- A potential rejection could occur from the premium FVG zone.
- If an Inverse Fair Value Gap (IFVG) forms in that area, it would support a short setup.
- Alternatively, if price prints a lower low before reaching the upper FVG, that would also open up short opportunities.
- Patience is key—wait for structure to align or a momentum shift before considering entries.
Outlook:
The bias remains bearish unless the structure is reclaimed decisively. Current price action suggests the retracement is corrective, and the next impulse may resume the downtrend once premium levels are met.
BTC has broken below a key support level, indicating potential for continued downside. Price is currently retracing after a sharp sell-off, but the overall structure remains bearish unless significant levels are reclaimed.
Technical Overview:
- The previous support zone has been broken, turning it into potential resistance.
- Price is now entering a lower Fair Value Gap (FVG), which could serve as a reaction zone.
- A larger FVG higher up, aligning with the 0.618–0.65 Fibonacci retracement zone, presents a more significant area to watch for a possible reversal.
Scenario:
Price may retrace into the lower FVG and continue pushing up toward the premium FVG zone. This area coincides with the 0.618–0.65 Fib levels, where a shift in momentum or bearish confirmation could trigger a move lower.
Key Points:
- A potential rejection could occur from the premium FVG zone.
- If an Inverse Fair Value Gap (IFVG) forms in that area, it would support a short setup.
- Alternatively, if price prints a lower low before reaching the upper FVG, that would also open up short opportunities.
- Patience is key—wait for structure to align or a momentum shift before considering entries.
Outlook:
The bias remains bearish unless the structure is reclaimed decisively. Current price action suggests the retracement is corrective, and the next impulse may resume the downtrend once premium levels are met.
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entry hit! now wait for the IFVG to form! (84K)
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