A Glance at Bitcoin – January 10th

– We had a push to the 78 Fibonacci retrace with a Supply Zone Forming.

– Price had validated this level due to the wicks and the rejections.

– A fake-out was a push into this supply zone , but a close under with no bullish movement eventuating.

– Price continued pushing down until the 61.8 level was broken. You can only bend a stick so far until it snaps

– Using Supply & Demand Zones alongside Fibonacci you could have drawn these Zones before the movements played out. Even being able to catch the wicks on the retests wouldn’t have required anything besides the Identifying candles!

Unity Trading Group

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