Hello friends! Bitcoin (BTC) had a great run-up and now it's time for healthy price correction. We can see how well the Fibonacci levels are working here. The price is accumulating below the EMA 20 (blue) and the MA 50 (red), which are both trending downwards. We can see a similar pattern from 10th to 13th January with minor volatility, followed by a very strong breakout. We are targeting the 0.618 at 8250.00 as the strongest Fib level for a potential long position, depending how the market develops until this event.
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