Primary Chart: Fibonacci Channel on Daily Chart
BTC is likely to stall at the zero line on the Fibonacci Channel above. The zero line represents the entire down trendline that has contained price since the all-time high. Unless BTC is ready to reverse is long-term downtrend, this is an ideal spot to join the downtrend once the reversal is confirmed. The reversal should be within days as BTC is trading right up against the zero line on the Fibonacci channel.
BTC also has to contend with its .618 retracement at 22,663. This coincides closely with trendline resistance shown on the chart below. The upward trendline from June 2022 lows was broken in late August 2022. Now it should serve as strong resistance along with the Fibonacci channel's zero line and the .618 retracement.
Supplementary Chart: .618 Retracement and Trendline Resistance

Together, these resistance levels are likely to reject price lower, providing a good risk-reward shorting opportunity. Keep a tight stop just above the zero line as bear markets have a way of continuing to frustrate directional traders and taking out stop areas.
Please note that this technical-analysis viewpoint is short-term in nature and could change at a moment's notice should price move beyond a level of invalidation. Further, proper risk-management techniques are vital to trading success.
Author's Comment: Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate (respectfully presented) in the comment section. Shared charts are especially helpful to support any opposing or alternative view. This article is intended to present an unbiased, technical view of the security or tradable risk asset discussed.
DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
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BTC is likely to stall at the zero line on the Fibonacci Channel above. The zero line represents the entire down trendline that has contained price since the all-time high. Unless BTC is ready to reverse is long-term downtrend, this is an ideal spot to join the downtrend once the reversal is confirmed. The reversal should be within days as BTC is trading right up against the zero line on the Fibonacci channel.
BTC also has to contend with its .618 retracement at 22,663. This coincides closely with trendline resistance shown on the chart below. The upward trendline from June 2022 lows was broken in late August 2022. Now it should serve as strong resistance along with the Fibonacci channel's zero line and the .618 retracement.
Supplementary Chart: .618 Retracement and Trendline Resistance
Together, these resistance levels are likely to reject price lower, providing a good risk-reward shorting opportunity. Keep a tight stop just above the zero line as bear markets have a way of continuing to frustrate directional traders and taking out stop areas.
Please note that this technical-analysis viewpoint is short-term in nature and could change at a moment's notice should price move beyond a level of invalidation. Further, proper risk-management techniques are vital to trading success.
Author's Comment: Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate (respectfully presented) in the comment section. Shared charts are especially helpful to support any opposing or alternative view. This article is intended to present an unbiased, technical view of the security or tradable risk asset discussed.
DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
Note
BTC stalled right at the high probability short zone identified in this post: 22,663-23,000. And now it has reversed lower right on cue.SquishTrade
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
SquishTrade
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.