Bitcoin is currently facing some bearish pressure. This move is all but surprising, since we had a 60% move in around three weeks.
This analysis is to showcase that there might be more pain in the market for Bitcoin. When looking at the Fibonacci retracement lines, the "ideal" reversal area would be between the 0.382 and 0.618 retrecement lines, which range from $56.5k to $50k.
In case the Fibonacci lines fail to hold, I'd be looking at the lower dotted trend line for a bounce, which goes back all the way to August.
Happy trading!
This analysis is to showcase that there might be more pain in the market for Bitcoin. When looking at the Fibonacci retracement lines, the "ideal" reversal area would be between the 0.382 and 0.618 retrecement lines, which range from $56.5k to $50k.
In case the Fibonacci lines fail to hold, I'd be looking at the lower dotted trend line for a bounce, which goes back all the way to August.
Happy trading!
Nota
Update:BTC saw a nice bullish move from the bottomsupport of the channel. Key area is the $61.5k resistance (the channel's resistance). A reversal from there will most likely send BTC further down towards the indicated area in my first analysis.
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.