This article has been translated from English to Gen Z Slang.
Yo, did you miss Bitcoin’s triangle breakdown drama? 🤯
No stress, you might still catch this new wave on the rebound!
Peep these retracement levels on the 4-hour chart, fam. 📊
Bitcoin (BTC/USD): 4-hour
Bitcoin (BTC/USD) 4-hour Forex Chart by TradingView
Bitcoin took another L as geopolitical chaos in the Middle East had folks yeeting risk assets. 🌀
Bulls ain't backing down from the $100K line though, pulling a mad bounce back from the dip. 🚀
Are resistance zones gonna snag more sellers though? 👀
Real talk, market vibes and price action usually get their spice from fundamentals. If you ain't schooled up on bitcoin and the U.S. dollar, time to hit up the economic calendar and catch up on the daily buzz!
BTC/USD is creeping up on that 38.2% Fibonacci retrace level from the breakdown move, hovering near the pivot point level ($102,748). Stay woke for any reversal candles saying this downward vibe could restart. 🔍
If the correction goes bigger, we could see the 50% Fib around the old triangle bottom and the $104K psyche mark, or hit the 61.8% area near $105K. Keep in mind, the 100 SMA is chilling below the 200 SMA, hinting that downtrend life is still real. ⬇️
But if we see a strong climb back over the Fibs and dynamic resistance at the MA, the way could be clear for a rally back to the triangle top and R1 ($107,257), or shoot for R2 ($113,498) past those record peaks. 🚀
Whatever side you decide to vibe with, don’t skip on proper risk management and keep tabs on the big-time catalysts that might shake up market feels! 🔓
Disclaimer:
Heads up, the technical vibes shared here are strictly for the info and learning game. Don’t take it as trading gospel or a hint for how you should bet. Technical analysis is a slice of the whole trading pizza. The setups discussed are for spotlighting potential hotspots others might be eyeing. At the end of the day, all trading choices, risk strategies, and the juice or squeeze from them are on you. Trade with care and caution. 💡
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.