Bitcoin is trending above the large Fibonacci level of 0.618, which aligns with the price region around 42,971 USD, serving as a strong support zone. This indicates a consolidation of buyer interest and may act as a springboard for future price appreciation.
On the other hand, the small Fibonacci retracement levels are equally telling. The 0.382 and 0.5 levels often act as short-term support and resistance zones. Here, we see the price consolidating around the 0.5 level, approximately 48,000 USD, suggesting a potential pivot point. The current price hovers around 50,816 USD, just below the smaller Fibonacci level of 0.786, which may indicate upcoming resistance.
Moving Average Convergence Divergence (MACD) maintains a bullish crossover position, with the MACD line above the signal line. However, the histogram reflects a decline in momentum, which traders should monitor for any bearish crossover, signaling a potential shift in trend.
The Relative Strength Index (RSI) is above 70, hinting at overbought conditions. While this could suggest an impending correction, in strong uptrends, the RSI can remain overbought as the price continues to climb. Investors should consider RSI divergence with price action for early signs of a reversal.
Observing the Smart Money Concepts (SMC), several 'Break of Structure' (BOS) and 'Change of Character' (Choch) signals are present, indicating areas where smart money may have influenced the price movement. The SMC suggests institutional investors could be active at these levels, aligning their positions with significant market moves.
If we anticipate a continuation of the uptrend based on SMC, watching for a solid bounce off the significant 0.618 Fibonacci level and an eventual breach above the smaller 0.786 level will be crucial. Should the price break through these zones, it could suggest that smart money is positioning for a further upward move, potentially targeting the smaller Fibonacci extension of 1.272, near the 54,000 USD price region.
Conversely, if the price fails to maintain support at the large 0.618 Fibo level, it might signal smart money distribution, and the price could retrace to lower levels of liquidity noted in the volume profile.
Chart reflects a bullish stance with potential resistance at the smaller 0.786 Fibo level (around 50,816 USD). Traders should watch for reactions at these critical Fibonacci levels, which smart money may target for entries and exits, while remaining cautious about the overextended RSI and the MACD for any changes in the prevailing trend.
On the other hand, the small Fibonacci retracement levels are equally telling. The 0.382 and 0.5 levels often act as short-term support and resistance zones. Here, we see the price consolidating around the 0.5 level, approximately 48,000 USD, suggesting a potential pivot point. The current price hovers around 50,816 USD, just below the smaller Fibonacci level of 0.786, which may indicate upcoming resistance.
Moving Average Convergence Divergence (MACD) maintains a bullish crossover position, with the MACD line above the signal line. However, the histogram reflects a decline in momentum, which traders should monitor for any bearish crossover, signaling a potential shift in trend.
The Relative Strength Index (RSI) is above 70, hinting at overbought conditions. While this could suggest an impending correction, in strong uptrends, the RSI can remain overbought as the price continues to climb. Investors should consider RSI divergence with price action for early signs of a reversal.
Observing the Smart Money Concepts (SMC), several 'Break of Structure' (BOS) and 'Change of Character' (Choch) signals are present, indicating areas where smart money may have influenced the price movement. The SMC suggests institutional investors could be active at these levels, aligning their positions with significant market moves.
If we anticipate a continuation of the uptrend based on SMC, watching for a solid bounce off the significant 0.618 Fibonacci level and an eventual breach above the smaller 0.786 level will be crucial. Should the price break through these zones, it could suggest that smart money is positioning for a further upward move, potentially targeting the smaller Fibonacci extension of 1.272, near the 54,000 USD price region.
Conversely, if the price fails to maintain support at the large 0.618 Fibo level, it might signal smart money distribution, and the price could retrace to lower levels of liquidity noted in the volume profile.
Chart reflects a bullish stance with potential resistance at the smaller 0.786 Fibo level (around 50,816 USD). Traders should watch for reactions at these critical Fibonacci levels, which smart money may target for entries and exits, while remaining cautious about the overextended RSI and the MACD for any changes in the prevailing trend.
