BTCUSDT 1D TF
2024-11-10

 BTC Bounce Play

The breakout retest suggests that buyers might be stepping back in after taking initial profits. The 0.618 Fibonacci level often acts as a psychological level for traders, where "smart money" considers re-entering positions with favorable risk-to-reward ratios. If BTC holds this level, it could trigger a wave of buying interest from both retail and institutional investors, seeing it as a sign of market resilience.

Additionally, this bounce play could attract short-term traders, capitalizing on potential bullish momentum while swing traders view this as a possible entry point for a longer move up. Should BTC successfully hold and rally from this level, the narrative will shift toward a more bullish outlook, where the next resistance levels become targets, sparking fresh momentum in the market.