Cybear's first public analysis - Fib support or resistance?
MARKET STRUCTURE (1H)
→ Local Downtrend
→ Testing 78.6% Fib Resistance (101.7k)
TECHNICAL SIGNALS
→ Wavelet: Local Top (Retracement Exhaustion)
→ DGT: Fresh Green (Counter Signal)
→ Location: Previous Support now Resistance
KEY LEVELS
→ Current: 101.7k (78.6% Fib)
→ Target: 99.5k (Previous Low)
→ Range Size: 9.9k (109.4k → 99.5k)
TIMING
→ Critical Window: Next 4-8h
→ Reason: Wavelet Cycle Completion
SCENARIO
→ Setup: Resistance Retest at Fib Level
→ Expected: Downtrend Continuation
→ Risk: DGT Green Counter Signal
INTERPRETATION
The technical confluence is particularly significant here: We're seeing a retest of the 78.6% Fibonacci level, which typically acts as the last defense before trend continuation. The Wavelet reaching its top precisely at this resistance level suggests exhaustion of the retracement move. While the fresh DGT green signal might appear bullish, in this context it's more likely to be a late signal of the retracement that brought us to this resistance.
The 4-8 hour window is critical because Wavelet tops at key Fibonacci levels often lead to swift continuations once the cycle completes. The previous support at 101.7k now becoming resistance, combined with the local downtrend and Wavelet position, provides a high-probability setup for trend continuation.
#Bitcoin #TechnicalAnalysis #Trading
→ Local Downtrend
→ Testing 78.6% Fib Resistance (101.7k)
TECHNICAL SIGNALS
→ Wavelet: Local Top (Retracement Exhaustion)
→ DGT: Fresh Green (Counter Signal)
→ Location: Previous Support now Resistance
KEY LEVELS
→ Current: 101.7k (78.6% Fib)
→ Target: 99.5k (Previous Low)
→ Range Size: 9.9k (109.4k → 99.5k)
TIMING
→ Critical Window: Next 4-8h
→ Reason: Wavelet Cycle Completion
SCENARIO
→ Setup: Resistance Retest at Fib Level
→ Expected: Downtrend Continuation
→ Risk: DGT Green Counter Signal
INTERPRETATION
The technical confluence is particularly significant here: We're seeing a retest of the 78.6% Fibonacci level, which typically acts as the last defense before trend continuation. The Wavelet reaching its top precisely at this resistance level suggests exhaustion of the retracement move. While the fresh DGT green signal might appear bullish, in this context it's more likely to be a late signal of the retracement that brought us to this resistance.
The 4-8 hour window is critical because Wavelet tops at key Fibonacci levels often lead to swift continuations once the cycle completes. The previous support at 101.7k now becoming resistance, combined with the local downtrend and Wavelet position, provides a high-probability setup for trend continuation.
#Bitcoin #TechnicalAnalysis #Trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.