BitcoinShort
Bitcoin Approaching Key Support Levels: Fibonacci Speed Resistan
The chart indicates that Bitcoin is nearing critical resistance and support zones, as illustrated by the Fibonacci Speed Resistance Fan.
Currently, BTC is testing the 0.382 resistance level, and there's a possibility of further downward movement, indicated by the red forecasted path on the chart.
Should BTC continue to correct, key support levels can be observed at the 0.618 and 0.75 Fib levels, with potential to reach as low as the $42,500 area.
Historically, Bitcoin's price has shown strong reactions at these Fibonacci levels, often leading to either consolidation or reversals.
This analysis aligns with BTC's production cost levels, as previously observed after halving events, where the market tends to stabilize near the cost of production.
Key Points:
Current Resistance: 0.382 Fibonacci level
Critical Support Levels: 0.618 and 0.75 Fibonacci levels
Potential Downside Target: $42,500
Conclusion: Traders should watch for potential reversals or consolidation near these Fibonacci levels, which align with BTC's historical production cost patterns. A break below the 0.75 level could signal further downside, while holding the support could present a buying opportunity.
Currently, BTC is testing the 0.382 resistance level, and there's a possibility of further downward movement, indicated by the red forecasted path on the chart.
Should BTC continue to correct, key support levels can be observed at the 0.618 and 0.75 Fib levels, with potential to reach as low as the $42,500 area.
Historically, Bitcoin's price has shown strong reactions at these Fibonacci levels, often leading to either consolidation or reversals.
This analysis aligns with BTC's production cost levels, as previously observed after halving events, where the market tends to stabilize near the cost of production.
Key Points:
Current Resistance: 0.382 Fibonacci level
Critical Support Levels: 0.618 and 0.75 Fibonacci levels
Potential Downside Target: $42,500
Conclusion: Traders should watch for potential reversals or consolidation near these Fibonacci levels, which align with BTC's historical production cost patterns. A break below the 0.75 level could signal further downside, while holding the support could present a buying opportunity.
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.