The first round of downward testing in the morning should be imagined as slightly smaller in strength; during the day session, price is directly blocked at the Fibonacci 0.5 support in the smaller timeframe.
So you need to be alert to a stronger rebound during midday (it may further bounce and test $85,000). Meanwhile, $85,000 will also be the key level for whether the bulls can start up: if price holds above it, then a new launch may begin; if it can’t hold, then price will continue consolidating.
Therefore, in terms of the short-entry layout, temporarily cancel the earlier idea for the $844–$846 area in the morning, and instead move it up to $84,900 for a single round of shorting only. The defense is roughly 500 points; below that, look at the $83,000–$82,000 region.
So you need to be alert to a stronger rebound during midday (it may further bounce and test $85,000). Meanwhile, $85,000 will also be the key level for whether the bulls can start up: if price holds above it, then a new launch may begin; if it can’t hold, then price will continue consolidating.
Therefore, in terms of the short-entry layout, temporarily cancel the earlier idea for the $844–$846 area in the morning, and instead move it up to $84,900 for a single round of shorting only. The defense is roughly 500 points; below that, look at the $83,000–$82,000 region.
