MITH/BTC updated Support Zones: Mithril retrace almost done?

Updated

Quick update to my previous plot.
Movement has given new clues and new fibs.
I know it looks like a lot of area, but watch the boundaries.

My previous plot, early in the retrace:

MITH/BTC retrace plot: Mithril mini-bubble? Supports of interest

Note

Got a nice bounce at the second support zone.

Looks like Purple fib is still in control. That 4.618 to 3.618 space will be difficult

Close up showing the relevance of the Purple Fib

it did not account for the current 'bottom' , but that might hint at another leg down.

Zooming in further, we see the Red Impulse/Fib also paying a role and catching the bounce.

So if the red 5.618 breaks, then we are looking at 980 sats or so where the next confluence of fibs appears.

.

Note

Quite a battle at the resistance formed by Confluence of 2 (fibs that is) the Red 4.236 and Purple 4.618 :

Now I am NOT as confident of another leg down before breaking the resitance, but that green arrow remains my buy zone for now.

.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

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.