BTCUSD - Bullish Retracement Scenario - Ichimoku & Fibonacci
With many expecting BTCUSD to correct after the B2X fork, I decided to look at what a reasonably bullish correction would look like.
Put simply, the outlined zone (highlighted by the horizontal red line) offers with a Kijun Bounce on the 4H time frame in a zone where Fibonacci retracement levels overlap.
A Kijun bounce is when price tests and bounces off the Kijun Sen (cherry/red line) after an uptrend. This is the equivalent of a bounce off a support level, and thus confirms the uptrend and signals the continuation of the prior trend.
The bundle of Fibonacci retracement lines in the same zone suggest that this area is a good candidate for a bounce.
Put simply, the outlined zone (highlighted by the horizontal red line) offers with a Kijun Bounce on the 4H time frame in a zone where Fibonacci retracement levels overlap.
A Kijun bounce is when price tests and bounces off the Kijun Sen (cherry/red line) after an uptrend. This is the equivalent of a bounce off a support level, and thus confirms the uptrend and signals the continuation of the prior trend.
The bundle of Fibonacci retracement lines in the same zone suggest that this area is a good candidate for a bounce.
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