BTC/USDT short setup
2024-10-25

BTC/USDT short setup
 Date:  10/24/2024
 Author:  Crypto Rado ( Rhino Aka Bear )
 Timeframe:  15M & 4H

Following the rejection from $69,566, Bitcoin experienced a 3-leg movement down to the $65,200 zone. From there, we saw another 3-leg upward correction, indicating that the short zone lies within the 0.61-0.7 Fibonacci retracement level, which has now been reached.

From this point, my strategy is to short BTC, targeting the 1.272 Fibonacci extension, located between $64,200 and $63,700. On the 15-minute timeframe, a bearish divergence has already formed, and on the 4H timeframe, this divergence is in the process of forming, which would likely be confirmed if BTC reaches the 0.786 Fibonacci level.

 Key Levels to Watch: 
 
 Bullish breakout:  $69,566
 Bearish breakdown:  $66,750
 
 Disclaimer: 
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital.