From the recent swing low to swing high on the daily timeframe, today’s daily candle closed right at the 0.382 Fibonacci retracement around $111,032. In my view, that’s a constructive sign – it suggests buyers are still stepping in to defend higher levels rather than letting price break deeper immediately.
What’s also worth noting is that today marks the open of a new weekly candle. Starting the week with strength above the 0.382 level gives me a slightly bullish bias, not just for BTC but also across altcoins.
Of course, the market doesn’t move in a straight line. If we do see more downside, I’m prepared for potential retests at the 0.618 ($109,589) or even the 0.786 ($108,562) levels – both of which are natural supports within the Fib structure. But overall, the structure here still looks bullish in the bigger picture.
Key Levels to Watch:
* 0.382 Fib: $111,032 (holding for now)
* 0.618 Fib: $109,589 (next possible support)
* 0.786 Fib: $108,562 (deeper retest level)
* Local high: $113,368 (break above here could accelerate momentum)
