Hey everyone,
I think the Bitcoin down might not end more than a week. Bitcoin has been perfectly respecting the Fibonacci Channel levels. The previous trend reversal was at the 2.618 Fibonacci Circle. It is about to enter the golden zone of the Fibonacci retracement, which is a possible area for trend reversal too.
The news from India about private crypto ban might impact the analysis. Everything seems to be bullish apart from this news. Though, it might test the 1.618 level of Fibonacci Channel, which is near $50k to $52k price range.
It is currently consolidating in a parallel channel and looking for a breakout, but it might make another wave before breaking out, so this one might be a fake one. We can make a Fibonacci Channel once it breaks out, to know the targets.
I think the Bitcoin down might not end more than a week. Bitcoin has been perfectly respecting the Fibonacci Channel levels. The previous trend reversal was at the 2.618 Fibonacci Circle. It is about to enter the golden zone of the Fibonacci retracement, which is a possible area for trend reversal too.
The news from India about private crypto ban might impact the analysis. Everything seems to be bullish apart from this news. Though, it might test the 1.618 level of Fibonacci Channel, which is near $50k to $52k price range.
It is currently consolidating in a parallel channel and looking for a breakout, but it might make another wave before breaking out, so this one might be a fake one. We can make a Fibonacci Channel once it breaks out, to know the targets.
