BTCUSD has broken down below the 116,500 level on the 4-hour timeframe. It’s best to wait for a potential sell entry near the 61.8% Fibonacci retracement of the last bullish wave. Stop-loss and take-profit levels are shown on the chart
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As anticipated, BTCUSD has now reached the 61.8% Fibonacci retracement level of the last bearish wave, exactly where we marked a potential sell entry in yesterday’s post. This level is acting as a key resistance zone. 
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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.