BIOUSDT Fibonacci Levels and Trading Setup
These levels appear to be Fibonacci retracement/extension levels, drawn from a low (0% at 0.0559 USD) to a high (100% at 0.1335 USD), but used for a short setup. This is unusual for an uptrend but suggests the chart creator (AltcoinPioneers) expects a decline after the pullback. Here are the detailed levels (with prices in brackets):
SL (Stop Loss, red): 1.272 (0.1546 USD) – Extension level above 100%, where the position closes if the price rises further (maximum risk).
DCA (black): 1.135 (0.1440 USD) – Possibly a level to add to the short (average down) if the price rises slightly, to lower the average cost.
ENTRY (purple): 1 (0.1335 USD) – Entry level for short (sell). The current price is very close (0.1310), so it might be active or pending.
TP1 (orange): 0.786 (0.1169 USD) – First Take Profit, a retracement level.
TP2 (orange): 0.614 (0.1038 USD) – Second TP, near the golden ratio (0.618).
TP3 (orange): 0.5 (0.0947 USD) – Third TP, half of the range.
TP4 (green?): 0 (0.0559 USD) – Final TP, at the previous low.
RSI Indicator Analysis
Current Value: Around 70-73, with the blue line peaking at ~80 and now slightly declining.
RSI Trend: Started from ~30 (oversold) during the price decline, rose sharply with the upward impulse (indicating bullish momentum), but is now in the overbought zone (>70). This signals the asset might be "overpriced" in the short term, and a correction downward is possible (bearish divergence if the price doesn’t confirm upward movement).
Interpretation: An RSI above 70 often precedes a pullback or bearish reversal, especially on a 4h timeframe. If it falls below 50, it confirms weakness.
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✅MY Free Signals Telegram
t.me/AltcoinPiooners
✅Personal Telegram (Premium)
t.me/Altcoin_Piooners
✅YouTube
youtube.com/@AltcoinPiooners
t.me/AltcoinPiooners
✅Personal Telegram (Premium)
t.me/Altcoin_Piooners
✅YouTube
youtube.com/@AltcoinPiooners
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.