Hi there! I want to share my opinion with you which is about bitcoin futures (code: btc1!).
As you can see from the chart, btc fall to and got support from fibonacci 0.786 level (18k) since Jun 2022. Then the price raised up and go down from previous low and resistance level 25k, and after FTX collapse btc broke the previous low level and hit a new low since 2020. And we all know but since Jan this year everything changed, btc raised rapidly and broke through the bottom, after the price broke the wedge and by the fomo and short squeezed, though many banks bankrupted but the price continued go up and created a new high since Oct 2022.
Currently btc is trading near the resistance level and I expect that the price can go down from it and go to support level to retest previous high from the head and shoulders pattern. And I think btc can grow from the support level and break local high and reach the gap area which is also fibonacci 0.382 resistance level of 35k. Based on these reasons, I set up 2 targets located at lower edge of the gap $34500 level and fibonacci 0.382 resistance level $35700.
This is my opinion, and I really hope it will be useful for you. This is not financial advice, always do your own research. Please support this idea by click the boost and comment, thank you ;)
As you can see from the chart, btc fall to and got support from fibonacci 0.786 level (18k) since Jun 2022. Then the price raised up and go down from previous low and resistance level 25k, and after FTX collapse btc broke the previous low level and hit a new low since 2020. And we all know but since Jan this year everything changed, btc raised rapidly and broke through the bottom, after the price broke the wedge and by the fomo and short squeezed, though many banks bankrupted but the price continued go up and created a new high since Oct 2022.
Currently btc is trading near the resistance level and I expect that the price can go down from it and go to support level to retest previous high from the head and shoulders pattern. And I think btc can grow from the support level and break local high and reach the gap area which is also fibonacci 0.382 resistance level of 35k. Based on these reasons, I set up 2 targets located at lower edge of the gap $34500 level and fibonacci 0.382 resistance level $35700.
This is my opinion, and I really hope it will be useful for you. This is not financial advice, always do your own research. Please support this idea by click the boost and comment, thank you ;)