Fibonacci can be helpful in confirming the resistance ranges!
Hello, dear TradingView members.
Bitcoin started a bearish correction after reacting to the $23,380 resistance. But it hits the $22,400-$22,600 support, followed by a reaction. The mentioned resistance level was tested again, and there was a reaction this time. Bitcoin is now tightening in a range, and its downtrend line is likely to be broken to the upside, given that it still has the potential for price growth. In this case, we expect that the predetermined targets of Bitcoin in the range of $25,000 and $27,000 can be achieved. Given that we are in a daily downtrend, Fibonacci retracement can be helpful in confirming the resistance ranges, which exactly confirm the drawn ranges.
Good luck!
Bitcoin started a bearish correction after reacting to the $23,380 resistance. But it hits the $22,400-$22,600 support, followed by a reaction. The mentioned resistance level was tested again, and there was a reaction this time. Bitcoin is now tightening in a range, and its downtrend line is likely to be broken to the upside, given that it still has the potential for price growth. In this case, we expect that the predetermined targets of Bitcoin in the range of $25,000 and $27,000 can be achieved. Given that we are in a daily downtrend, Fibonacci retracement can be helpful in confirming the resistance ranges, which exactly confirm the drawn ranges.
Good luck!
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