Greetings,
Just plotting the retracement levels based on the weekly candle. BTCUSD may consolidate sideways along the 200MA for support at $41K, which is also the 38% retracement. However, BTCUSD is (3) deviations outside of the norm, so a reversion to the mean would place BTCUSD in the lower $30K area, which is a healthy 61% retracement.
Happy Trading!
Just plotting the retracement levels based on the weekly candle. BTCUSD may consolidate sideways along the 200MA for support at $41K, which is also the 38% retracement. However, BTCUSD is (3) deviations outside of the norm, so a reversion to the mean would place BTCUSD in the lower $30K area, which is a healthy 61% retracement.
Happy Trading!
Note
Yikes. That happened very quick!
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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.