Pack it up boys BTC heading for rangelows next...
2024-12-06

According to the rules, if a market gets rejected at the Fibonacci resistance line, it can regain momentum through a small correction. The condition is that the market must not pull back deeper than the point where the move started.

Unfortunately, this is exactly what happened with Bitcoin (marked by the white line). As a result, we now have to assume the market is building bearish structures and moving towards the range low.

My trade idea is also marked for you. Invalidation would occur with a new higher high.