Bitcoin is currently holding around the 3430-3440 level after bouncing up from the .786 fib around 3360. There is a chance we could move up toward the 3500/3550 levels to retest our prior support zones and .618 fib level as new resistance. We also have the 10 and 20 day moving averages in that area as well. I expect this area to be extremely strong resistance given it was previously strong support. I do think our upside potential is limited, but if we do climb above 3550 and can hold the .618 fib level as support again, then we can start aiming for the 3650-3700 levels. For now though, we need to see how the price reacts at the 3500/3550 levels when and if we get up to those levels.
Supports: .786 fib level around 3360, 200 weekly moving average around 3300, and the previous low around 3120.
Resistances: 3500 (Old support becomes new resistance), .618 fib level around 3550, and the 10/20 day moving averages.
Moving average guide:
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.
Supports: .786 fib level around 3360, 200 weekly moving average around 3300, and the previous low around 3120.
Resistances: 3500 (Old support becomes new resistance), .618 fib level around 3550, and the 10/20 day moving averages.
Moving average guide:
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.
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FTX US: ftx.us/
Sign up for Binance US here: binance.us/?ref=35000668
Sign up for Binance US here: binance.us/?ref=35000668
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.